Worried about an HMRC enquiry? Relax, we’ve got you covered.
At Naylor Wintersgill we understand that tax is a little word with big implications. That is why we work hard to give you the best possible advice and ensure that your tax affairs are structured efficiently.
Every year, thousands of tax payers are investigated by HMRC. With such intense activity, now more than ever, means you should consider taking out insurance to protect you and your business from the unexpected costs and time involved should you be chosen for investigation
What is Tax Investigation Fee Insurance?
HMRC tax and VAT investigations can be daunting, disruptive and expensive. Naylor Wintersgill will assist you every step of the way to answer HMRC’s questions and to demonstrate you are paying the correct amount of tax. This requires the expertise, time, flexibility and expense of your accountant to achieve the best possible outcome and a proper defence from any investigation and such cost are not included in your regular annual fees. For a small annual fee the policy provides up to £100,000 of cover for our professional fees.
Why do I need Tax Investigation Fee Insurance?
All business and personal taxpayers are at risk of enquiry. HMRC activity has been at unprecedented levels for a number of years to the point where enquiries are commonplace.
Such intense activity, now more than ever, means you should consider taking out insurance to protect your business and yourself from the unexpected costs and time involved should you be chosen for investigation. Tax investigation fee insurance is surprisingly affordable and cost-effective when you consider it could happen anytime, and for many already it’s happening right now.
Even if the tax man finds no errors, the accountancy costs in dealing with HMRC can still be substantial.
Just as you take out cover to protect against the eventuality of a possible motoring accident or potential damage to the contents of your home or business, this service protects you from the costs that arise in dealing with your HMRC enquiry.
What does the Tax Investigation Fee Insurance?
Provided that your investigation does not relate to fraud, criminal prosecutions, tax avoidance schemes, deliberate omissions, any tax, fines, penalties or interest that you may be required to pay and any enquiries that commence prior to the commencement date of the policy the policy provides up to £100,000 of cover for our professional fees per claim resulting from an HMRC intervention, including:
- Any Compliance check started by HMRC regarding your compliance with Income Tax and /or Corporation Tax Self-Assessment: PAYE, National Insurance, Construction Industry, IR35, VAT, National Minimum Wage or Gift Aid legislation and regulations; and
- Any consequent dispute with HMRC after the issue of an assessment, commutation of liabilities, written decision, notice of VAT civil penalty or notice of underpayment of the National Minimum Wage; and
- Any claim in respect of Inheritance Tax enquiries, Child Tax Credit enquiries or compliance check carried out under HMRC Code of Practice 8 (provided fraud is disproved subject to a maximum indemnity of £5,000); and
- Any professional fees incurred in respect of local review of the enquiry and preparation and representation at an appeal to the First-tier Tribunal, Upper Tribunal or Employment Tribunal and any appeal against such a tribunal’s decision. After an appeal to the Upper Tribunal or where there is no right of appeal to the tribunal, the Policy will cover an application for Judicial Review (subject to a maximum indemnity of £5,000).