Fee Protection
Protection when the taxman comes knocking
HM Revenue Customs (HMRC) are more determined than ever to ‘claw back’ unpaid tax and to ensure all tax due is paid. As part of this process, it is increasingly common for individuals and businesses to receive visits and inspections from the Revenue. In some cases these visits can involve a Business Record Check, with an inspector asking to see your current records even before you submit a tax return.
For most, if your affairs are in good order there should be little to worry about. It is however, the norm that when the Revenue make enquiries they will expect your professional adviser to explain how the computations have been prepared and how the amount of tax payable has been derived. As your trusted adviser we will also be best placed to support and advise you through the enquiry process and to deal with any specific issues that arise.
Needless to say this is likely to mean you incur fees for professional advice and time for which you had not budgeted. The target that HMRC set themselves to complete an enquiry is 18 months and therefore the professional fees can add up over this time and become substantial.
We have found that the most common reaction from clients is one of ‘we won’t be investigated’, but sadly this is not always the case and to an extent is increasingly less likely given that HMRC’s Business Plan targets an 82% increase in revenue from tax enquiries over the coming years.
To ensure our clients are able to protect themselves from the unexpected professional fees associated with an investigation or enquiry then we are once again pleased to be able to offer our special fee protection service; Premier Protection. The Service operates whereby on payment of an annual premium you receive up to £100,000 of cover in the event you receive an investigation, enquiry, review or intervention procedures.
The premiums certainly represent value for money and offer peace of mind, for further information and to receive a quote please email info@streetsweb.co.uk or contact the Streets partner that looks after your affairs.
