Thursday, 16 February 2012

Protection scheme against unexpected fees (sole trader)

Investigations by HMRC can happen to anyone in business, and without reason now that random investigations are part and parcel of Self Assessment. In addition, the Government is looking for ways of obtaining additional tax as overall tax revenue is down because of the recession.

These investigations almost always take a year or more to settle and accountancy fees are typically £1,500 or more. This is simply down to the time taken up by HMRC in extensively scrutinising your business and financial affairs. The time and the financial costs are incurred even if the authorities find that your records are correct. There is no come back.

In our efforts to help clients wherever we can, we have come up with Tax Fee Investigation Insurance, this means for a small sum of money we can provide you with the security that should your business become to victim of a HMRC tax investigation, you will not have to worry about the additional accountancy costs that may be incurred.

Why you should get Tax Investigation Fee Insurance

· Annual cover against fees arising from investigations or attendances at inspections.

· Covers Inland Revenue, Contributions Agency and VAT.

· No quibble over limit of cover.

· No small print.... the rules are simple.

· Peace of mind; no unexpected accountancy bills.

· Cover starts from 1st May 2012.

· Prompt action guaranteed.

The Rules

· Cover starts from the 1st May 2012 and runs for one year.

· The Scheme covers any Inland Revenue Aspect Enquiry or Full Investigation arising in that year, and relating to work done by Bijok Accountants. The Scheme SPECIFICALLY EXCLUDES any work undertaken by any other firm, unless covered by written agreement and endorsed in the scheme cover.

· The scheme underwrites fees incurred with Bijok Accountants only during their work in an inspection or investigation, and SPECIFICALLY EXCLUDES fees due to any other firm, unless covered by written agreement.

The principle exclusions to the policy are as follows:

· Claims resulting from accounts, tax returns, VAT Returns having been submitted late without good reason.

· Matters where the Inland Revenue, HM Customs & Excise or Contributions Agency allege fraudulent evasion of tax, VAT or national insurance and pursue that case on that basis or where the insured person or business has acted dishonestly in respect of the accounts or returns rendered e.g. Special Compliance Office cases).

Because of the state of the government’s finances, there is an expectation that more individuals and businesses will be targeted for inspection. This is your opportunity to join the scheme and protect yourself. The amount is only £95 per year. For details on how to join, please contact me.


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