The pressure placed on HM Revenue & Customs (HMRC) by the Treasury to increase tax revenues has been well documented. Indeed, the Chancellor’s Summer Budget 2015 made £800m available to tackle tax evasion, avoidance and fraud, with HMRC enquiries on target to collect an additional £7bn a year in tax.
HMRC are achieving real results with receipts from their compliance activities bringing in £26.6bn in 2014/15, up from £18.6bn in 2011/12.
It is really important to consider Premier Protection insurance, which covers fees incurred defending you in the event of an HMRC enquiry.
Any taxpayer can be targeted by HMRC in order to check that they are paying the correct amount of tax. Answering HMRC’s questions takes time and the enquiries often drag on for months; sometimes years. This can cost thousands of pounds in professional fees to defend anyone that comes under HMRC scrutiny, whatever the outcome.
Premier Protection provides you with up to £100,000 of professional costs per incident resulting from an HMRC enquiries such as:
- Full Enquiries
- Aspect Enquiries
- Business Records Checks
- Cross Tax Enquiries
- Discovery Investigations
- Enquiries and Disputes
- Employer Compliance Reviews
- IR35 Reviews
- VAT Reviews
- Construction Industry Scheme Reviews
- National Minimum Wage Checks
For our full leaflet, containing more information on Premier Protection Insurance, please click here
HMRC Enquiries can happen to anyone, so it is important to make sure you are covered; and by contacting us at the start of the investigation, you are more likely to increase your chances of a successful outcome, so it is important to act now. Please do not hesitate to contact us for more information.
Scott Burkinshaw
Scott is Tax Partner at Shorts, specialising in providing strategic corporate and personal tax advice.
View my articlesTags: Business Taxes
