Statistics show that over the last 5 years, the money clawed back from investigations and enquiries has increased by over 65%*.
And with no Taxpayer being immune from these investigations, enquiries or disputes by HM Revenue & Customs (HMRC), we at Maxwells Chartered Accountants realise that our clients could at any time be chosen randomly by the HMRC.
As part of our continuous value added service, we are offering all our clients the opportunity to take out Fee Protection Insurance before we complete your tax return.
The Fee Protection Insurance will offer you peace of mind should you be the subject of an investigation, enquiry or dispute by covering any additional professional fees that we charge you for dealing with any of the above mentioned HMRC queries. These fees will be paid directly to us by your insurance policy.
Fee protection cover is available for Limited Companies, Partnerships, Sole Traders, Private Clients and Director’s and Partners.
*Source: Inland Revenue/Financial Times - January 2005
With these types of enquiries on the increase, we also offer cover against Aspect Enquiries. An Aspect Enquiry is an enquiry by HM Revenue & Customs into a specific area/areas of your tax return, without the request for sight of all books and records.
Directors & Partners Cover
Directors and Partners are covered for investigations into their own tax returns without the business being investigated. However for them to be covered, we must act as tax return agents for the Director or Partner and the tax return must be a personal one. Cover for Directors & Partners is included in the cover for the Limited Company or Partnership.
Business Support Helpline**
The Business Support Helpline is a service offered by CCH and is available to all of our Business Clients who take out fee protection insurance.
The helpline offers access for business clients to practical problem solving advice from experienced professionals on a wide range of business issues in Employment Law, Health & Safety and Commercial Legal.
**Please note that cover does not extend to correspondence and is limited to UK law and practice.
Details of the Scheme
It covers up to a maximum of £75,000 for a full enquiry and the professional fees resulting from:
- Investigations into Self-Assessment Tax Returns/Corporation Tax Returns
- VAT disputes
- Employer Compliance disputes (including PAYE, National Insurance and Status).
The Fee Protection scheme we use is TaxSure from CCH Fee Protection. CCH are the market leaders in Fee Protection and have over 20 years experience.
How do I Join?
Please contact the Partner dealing with your affairs on 01278 423008 or email us at firstname.lastname@example.org with any queries or for details on how to join our TaxSure Fee Protection Scheme.
Small family run-restaurant - The enquiry ran for four years, The Inspector was adamant that sales had been understated but the only additions were minor and in respect of private use adjustments. Final accountancy fees required to provide the right level of representation were just over £7,000.
Small family-run building firm - A VAT dispute which concerned the businesses VAT registration. The case was decided in the client’s favour and over £30,000 of VAT was saved. The costs incurred in representing the client were approximately £8,500 over a three-year period.
Sole Trader Landscape Gardener - HM Revenue & Customs claimed the gardener had understated his sales. The investigation ran for three years with fees approximately £7,000 being incurred to prove that the sales were not understated.
Medium sized retail firm - The enquiry ran for 18 months and the firm incurred just under £10,000 in accountancy fees as a result. Following the enquiry, all the company had to pay was a further £200 in tax.
Require more information?
If you would like more information or would like to ask us a question then call us on 01278 423008. To ask us a question online click here.