Fee protection insurance
With deficit reduction still at the top of the Government’s list of priorities it is no surprise that we are seeing an increase in the number of HMRC investigations.
This is bad news for any business but especially smaller businesses that are unlikely to have finance departments that can deal with a full-scale investigation.
We know that when the taxman visits a smaller business it can tie up senior managers’ time and divert resources away from the important task of growing the business. It can be very costly.
The most important step a business can take is to ensure that it is in a low risk category. Ever mindful of their scarce resources, HMRC conducts risk assessments to determine which businesses to investigate. If you are considered low risk, your chances of investigation are considerably lower for up to three years after the assessment is made.
If you have not already done so, we advise you to arrange a review with us so we can assess how your tax planning is likely to be viewed by HMRC and we can advise you on steps you could take to move to and remain in a low risk category.
Each year we offer our clients the opportunity to take out Professional Fee Protection insurance. Our scheme renews in October of each year and offers affordable cover against both full and aspect enquiries.
If you are targeted for an investigation we can provide full support throughout the process as well as representing you to HMRC. We can even handle the claims process and correspond directly with the insurer to assist you in our fee recovery.
For further information please contact your usual ABG partner.