Insurance. We hope we never need it, but it’s good to know that we’re covered… just in case.
Some insurances are mandatory – such as motor insurance. Others are optional – such as house insurance – and give us peace of mind that the policies are there if we need them.
This applies to businesses too. Employers’ Liability is required by law if you employ people. It isn’t compulsory to have insurance to protect you from accountancy fees incurred via a HMRC (Her Majesty’s Revenue & Customs) investigation. But – with the number of investigations rising, it offers peace of mind to business owners who want to avoid the extra cost and stress of being probed by HMRC.
Why is Croner Taxwise protection a good idea?
An increasing number of individuals and organisations are being selected for investigation. This can be done randomly, or because someone you’re working with has been investigated. (7% of tax inspections are triggered at random.) Or – you could have been chosen by “Connect”.
“Connect” is HMRC’s new £100 million computer. It analyses data from a variety of sources – UK-based and overseas. It finds discrepancies between identified and reported income. The result? More investigations.
In addition, Making Tax Digital will be phased in from 2018. It is anticipated that this new system could also create additional investigations.
What does Fee Protection insurance include?
Fee Protection insurance ensures that:
- – All accountancy fees incurred as a result of a tax investigation by HMRC are paid by the insurers – not by you or your business
- – You enjoy peace of mind that you will receive all the professional support you need from your chartered accountant – without the worry of the final bill.
- – You receive expert advice throughout a HMRC tax inspection – without incurring a penny in costs
Accountancy Expertise and beyond…
Taxwise protection from Spicer & Co offers support beyond expert tax investigation advice. Additional benefits include:
- – Unlimited access to Employment Law and Business Safety specialists
- – Commercial legal advice on a broad range of commercial law subjects
- – Tax and VAT consultancy services
All of these services – and the peace of mind that accompanies them – are available for an annual fee of just £149 + VAT.
“The unexpected brown envelope or email from HMRC is worrying for business owners and individuals alike,” says Suzanne Spicer of Spicer & Co Chartered Accountants in Dunstable. “The Taxwise insurance policy protects you from the professional accountancy fees that are incurred during tax investigations. It’s very reassuring to know that you’ll receive all the expert advice and action you need during the inspection without incurring any costs.”