Tax Investigation Protection Policy

tax investigation protection

What is tax investigation protection?

A tax investigation protection policy may not be high up on your Christmas list, or on your mind at all during the run up to the festive season, but it is something worth thinking about. The tax investigation protection policy provides insurance cover for the cost of legal defence should HMRC decide to investigate your tax affairs and payments.

Why do I need one?

HMRC routinely open investigations to see if a taxpayer has paid the right amount of tax on a random or selective basis. In 2016/17, HMRC secured a record £28.6bn of additional revenue through tax enquiries into businesses and individuals. The target for 2017/18 is even higher. Currently they have been targeting the small and medium enterprise (SME) sector, medical professionals and ‘hidden wealth’ individuals who seem to be living beyond their declared means.

What would be covered?

Should you be investigated, our tax investigation protection policy will cover professional fees incurred in respect of the below:

  • Corporation Tax and Income Tax full or aspect enquiries
  • PAYE/NIC compliance checks from the outset and disputes with HMRC following such checks
  • IR35/Employment Status/CIS enquiries and disputes
  • VAT compliance checks from the outset and disputes with HMRC following such checks
  • Business record checks, inspections and interventions under HMRC’s Information & Inspection Powers at Schedule 36 FA 2008
  • Inheritance tax/ Probate return enquiries
  • Stamp Duty and Stamp Duty Land Tax Enquiries
  • National Minimum Wage / National Living Wage enquiries
  • Child Tax Credit enquiries
  • Student Loan enquiries
  • Gift Aid enquiries
  • Companies House confirmation statement enquiries
  • Auto enrolment return enquiries where the Policyholder has been engaged to complete the appropriate reporting statements and declarations

Click to download full policy summary.

Our Tax Investigation Protection Policy Service

If HMRC states its intention to investigate your tax payments, don’t panic. Call us – your dedicated accountant and best defence. We have chosen to partner up with Qdos Vantage, market leaders with one of the most comprehensive polices and nil excess.

We will translate the many complicated questions the taxman may pose, manage the entire conversation with the taxman, help you submit any required information and minimise the impact on your business or personal accounts.

What to do next

The policy commences on the 1st December 2017.  If you wish to take out cover, please follow the instructions below:

  • First of all, click here to visit our tax fee protection page with Qdos
  • Select the Login / Register option on the left hand side menu
  • Register as a New Client
  • Once registered your quote will appear in the top right-hand corner
  • Use the drop down menu to select your appropriate level of cover
  • Follow the instructions to purchase and receive peace of mind for the rest of the year!

 

Please note that our normal annual fees do not cover the additional professional costs of handling tax enquiries and compliance checks. 

Please also see the ‘Demands & Needs, and Terms of Engagement’. You should note that in providing this insurance Qdos is acting as a general insurance intermediary. They are licensed to undertake these activities by the Institute of Chartered Accountants in England and Wales.