Renewal dates for RNS’s Tax Investigation Fees insurance have arrived.
The insurance scheme comes against a backdrop of HMRC’s key objective to ‘maximise revenue’.
Partner Karen Lyth said, over the last five years, its compliance yield has increased by £10.3bn.
HMRC has been particularly focused on VAT inspections and PAYE reviews, as well as tax investigations.
Karen said: “This has led to ‘cross-tax’ enquiries, where HMRC handles all three at the same time, so a business owner can be confronted by a Tax Inspector, a VAT Inspector and a PAYE Inspector all asking questions about different accounting periods and tax years.
“Any type of HMRC enquiry does not just mean a lot of worry and extra work for you, rummaging around in your garage or loft for historical paperwork.
“It also means working closely with us, as we help the tax inspector understand how the data in your business records has been converted into figures in your accounts.
“It is easy to see how fees can escalate rapidly, so subscribing to our Tax Investigations Service is a cost effective measure to take.”
For more information about the insurance contact Karen on Brigg (01652) 655111.
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