Fee protection insurance scheme

As of April 2009 HMRC are able to visit business premises to inspect records covering all taxes including corporate, income, PAYE, NI, Capital Gains and VAT. They can now also issue written queries before you have even submitted your annual tax returns.

Anyone that pays tax can come under scrutiny. Every year, HMRC starts enquiries into thousands of personal and business tax returns and accounts. VAT and PAYE payments are also thoroughly checked. The aim in every case is to collect more tax.

“But I’ve done nothing wrong, so why should I worry?”

Unfortunately, many enquiries are generated by computer “risk profiling” and many are selected randomly. This means HMRC aims at the wrong targets but having started an enquiry they are notoriously reluctant to let go and will probe away endlessly looking to find something wrong.

This process takes time and the costs of demonstrating your innocence can result in substantial extra costs way above your normal annual fees.

For a small annual premium (which varies according to the size of the business) we offer a fee protection policy which provides cover for up to £75,000 of professional costs in the following circumstances:

  • Dealing with any correspondence from HMRC
  • Attendance at any meeting with HMRC  
  • Appeal to the First-tier Tribunal or Upper Tribunal

This insurance cover is provided by Taxwise Services Ltd, one of the top companies in this field.

If you need any more information, speak to any Jolliffe Cork Partner.