Over the past years there has been a significant increase in the number of enquiries being conducted by HMRC. Although many businesses and individuals believe they are not at risk, unfortunately this is not the case.
Any business, or individual who submits a tax return to HMRC, is at risk of being selected for an enquiry. HMRC are fed information directly from employers, banks, pension funds and also from the general public! If the information they receive differs from the information reported on your tax return, HMRC are likely to enquire into why. In some situations an enquiry has been issued as HMRC believe the information, or part of the information submitted on your tax return is incorrect. This is not always the case. Tax enquiries are continuing to increase, with the government having invested Â£900m into HMRC, and hoping to raise Â£7.2 billion in additional taxes, many enquiries are random.
British Taxpayers have many yearsâ€™ experience in dealing with enquiries and negotiating with HMRC over principles of tax, additional taxes due and mitigating or suspending any penalties issued.
Regardless of whether additional taxes are due as a result of the enquiry or not, our fees incurred in the time it takes to negotiate and liaise with HMRC will, in the absence of our fee protection, be an additional cost to you.
To provide peace of mind, we offer all of our clients a Fee protection service. The service is backed by an insurance policy we have taken out under which we can claim the costs of defending our clients in a tax enquiry.
We strongly recommend that all our clients, take advantage of the service when joining our firm and annually thereafter.Â The cost of professional fees to deal with an enquiry are often several hundreds or even thousands of pounds. The cost of annual cover for an individual starts at just Â£48 which would be substantially less than covering the costs of the enquiry yourself. If you would like further information, or as a new or existing client like to join the service, please contact us today.