With HMRC increasingly tightening up their approach towards business sectors which they deem as being suitable for investigative campaigns, and their increasing tightening up of the collection of taxes where they are due, it’s a lottery as to whether or not their spotlight will fall on your affairs next.
Here at Jones Harris we offer a Fee Protection Scheme, which will protect you from the cost of professional expenses should you be called for an investigation. Covering a calendar year, clients will be aware that the notices for renewal premiums have just been distributed by email.
It’s worth noting that anyone who is required to complete a Self Assessment Tax Return could be required to undergo an HMRC investigation – no one is exempt.
Of course this could be at considerable disruption to your normal routine and create quite a lot of extra work – and it would also come at a not inconsiderable cost in fees – think thousands, not hundreds. This would be covered by taking advantage of the Fee Protection Insurance.
Our experience is that the work and therefore the fees generated by an investigation can be extremely high and often bear no relation to the complexity of your return, or indeed to any additional tax that might or might not be found – it can be an expensive way to prove to the taxman that your return was in fact correct all along!
We strongly recommend that businesses take advantage of Fee Protection Insurance – if you would like to know more about the protection which it offers please feel free to get in touch for a no-obligation chat.
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