In the recent times, HMRC have been able to visit any business premises to inspect records relating to taxes including corporate income, PAYE, NI, Capital Gains and VAT.
At such a time when the government is working closely with HMRC to reduce the nation’s debt, no stone is being left unturned and tax inspections has become a commonplace. In some instances, even minor discrepancies (the odd pound here or there) have warranted full scale audits with the ultimate aim of collecting extra tax.
If you are selected for a tax enquiry, answering all of HMRC’s questions will take time and the enquiry could drag on for many months. Accountants could incur thousands of pounds in fees defending you, whatever the end result.
This is where insurance becomes a necessity can help. Our Tax Investigation Insurance product will cover the professional fees if you are the subject of an HMRC tax investigation.