27 February 2014
Tax enquiry insurance: A reminder of the benefits
With HM Revenue & Customs on a mission to stamp out tax avoidance and ensure everyone pays their fair share of tax, the thought of a tax enquiry fills most business owners with dread.
Tax enquiries can be quite stressful as Tax Inspectors will often ask for breakdowns, supporting documents and detailed explanations to support costs claimed in arriving at taxable profits, so that they can ascertain if the right amount of tax has been paid. They can also be very expensive in terms of accountancy fees, as an enquiry will usually involve a number of letters and often also a meeting with the Inspector. Fees for handling a tax enquiry are typically at least £1,000.
At KRW we offer access to tax enquiry insurance to protect against these fees, should an enquiry arise. And with premiums starting at £100 per business per annum, which also covers the business owner personally, peace of mind could cost less than you'd think.
For further information on our tax enquiry insurance, please contact Sandra Franklin.
- With HMRC on a mission to stamp out tax avoidance, tax enquiries are on the rise
- Accountancy fees for dealing with a tax enquiry typically exceed £1,000
- Tax enquiry insurance protects against these fees
- Premiums start at £100 per business per annum, and also cover the business owner