What is Tax Investigation Protection?
Tax investigation protection is an annual policy that will pay our fees in the event that HMRC start an enquiry into your tax affairs. The costs of dealing with an HMRC enquiry can sometimes run into thousands of pounds and this policy will give you reassurance that our costs for dealing with the enquiry, on your behalf, will be covered.
Why do I need Tax Investigation Protection?
HMRC have been granted wider information and inspection powers and, in addition, data held by third parties in relation to income received is now sent direct to HMRC. This has led to HMRC enquiry activity at an all-time high.
Some people believe HMRC investigations only occur when there is an error or omission – this is NOT true. HMRC have power to enquire into any return, even if your business records are accurate and HMRC’s enquiry results in no adjustments being needed to figures originally submitted. These investigations are often selected completely at random and the fees that occur for dealing with such investigations can be high. Taking out the Tax investigation protection offered by Cardens could, protect you against these additional costs.
What is not covered by the service?
The Tax investigation protection does not cover the costs of routine compliance work such as completing and filing your annual tax return.
It also does not cover criminal prosecutions and fraud, nor the payment of any tax, interest or penalties that may be due as a result of HMRC’s enquiry.
It also does not cover any enquires that commence prior to payment of the fee protection policy.
What can Cardens’ Tax Investigation Protection do for me?
Taking out Cardens’ Tax investigation protection means that we will deal with your HMRC investigation and the costs for doing so should be covered by this policy.
Cover under this policy is arranged with a third party for your additional fees for up to £100,000 for the following events:
- Attendance at any meeting with or dealing with any correspondence from HMRC
- Income & Corporation Tax Self-Assessment Full & Aspect Enquiries
- VAT Disputes & Employer Compliance Disputes (PAYE/P11D/NIC/IR35/CIS)
- Automatic private individual cover for all directors or partners, and their spouses, for their personal tax returns (as long as we complete their Tax Returns and they show no other untaxed income sources)
How much will it cost me?
Tax Enquiry investigation protection vary depending upon your income levels and sources so please contact us for a tailored quote.
How do I sign up to Tax Investigation Protection with Cardens?
Give us a call on 01273 739592 and we can transfer you to the specific manager who deals with your affairs and they will be able to provide you with an individual quote.
Alternatively, if you want any specific questions answered then please email us at: firstname.lastname@example.org.