Peace of mind in 2022 – we are concerned that you are not currently protected

Posted on 19th January 2022 by Streets What's trending?


Image to represent Peace of mind in 2022 – we are concerned that you are not currently protected

With the self-assessment deadline for filing returns and making payments looming, tax matters are probably very much on the minds of many. Perhaps less so is the potential impact that a tax enquiry or investigation might have on us as an individual or on our business.


Whilst we all want to ensure our affairs are in the best order, there is a real risk that the Revenue can instigate an investigation or enquiry.

We are therefore concerned that clients are not covered by our Tax Enquiry Fee Protection Service for 2021-22.

If you haven’t subscribed or re-subscribed to our Tax Enquiry Fee Protection Service, then in the event you are subjected to an HMRC enquiry, our normal fees will not provide for dealing with the matter on your behalf.

Given all that has gone on in the last couple of years and the costs the government has incurred as a consequence of the pandemic, HMRC has increased its powers and activity to return funds to the treasury.

A recent report from HMRC highlighted an investment of over £100m in a Taxpayer Protection Taskforce. This will provide them with the resources to increase one-to-one enquiries to 30,000 over 3 years, with a view to recovering circa £800m to £1bn in incorrectly or fraudulent claims under CJRS/SEISS alone, whilst they are still chasing a tax gap of circa £35bn.

We therefore strongly recommend that you consider taking out cover to ensure that you have peace of mind should you or your business be the subject of an enquiry. With tight budgets and pressures on costs, few will welcome any additional unbudgeted professional fees to deal with an investigation.

For further information and to arrange cover please call or email your usual Streets contact or email feeprotection@streetsweb.co.uk


No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


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