Why do you need it?
Every year, HMRC investigates hundreds of thousands of individuals and businesses in the UK.
It has the powers to do this at random, at any time, and everyone is at risk. Even if you have done nothing wrong, you are still at risk of an investigation, which can take many months and cost thousands of pounds.
If you or your business is selected for a tax enquiry or compliance check, there is a large amount of additional work for your accountant to do.
This is where fee protection insurance comes in.
Fee Protection Insurance will cover the costs of accountancy advice and support throughout such a stressful and expensive experience.
HMRC investigation facts:
- HMRC has raised an extra £11.7 billion over the last 4 years through investigations.
- Anyone who submits a tax return can be investigated.
- It can cost thousands of pounds to deal with an enquiry.
- The vast majority were not caused by suspicion or fraud so many innocent taxpayers and businesses were chosen even though they had done nothing wrong.
RNS have again partnered with Vantage Fee Protect who have a reputation for leading the market in respect of policy coverage. This is continuously reviewed and updated to ensure that it reacts to the latest HMRC threat.
The Vantage Policy covers:
- Corporation Tax and Income Tax full or aspect enquiries (including enquiries into Scottish taxes)
- PAYE/NIC compliance checks from the outset and disputes with HMRC following such checks
- IR35/Employment Status/CIS enquiries and disputes
- VAT compliance checks from the outset and disputes with HMRC following such checks
- Business record checks, inspections and interventions under HMRC's Information & Inspection Powers at Schedule 36 FA 2008
- Up to £250 of costs relating to an informal request for information by HMRC, by telephone or other means
- Inheritance tax / Probate return enquiries
- Stamp Duty and Stamp Duty Land Tax Enquiries
- National Minimum Wage / National Living Wage enquiries
- Child Tax Credit, Student Loan and Gift Aid enquiries
- Companies House confirmation statement enquiries
- Auto enrolment return enquiries (where you have been engaged in this respect)
- Checks into the measures introduced to protect the economy through the Covid 19 outbreak, including the Job Retention and Self-Employment Schemes
Our clients who subscribe to the insurance also have unlimited access to VAT, employment law, health and safety and legal advice lines.
Clients who have used this have found this to be an invaluable service.
Our Fee Protection insurance renews on the 1st December each year.
Renewal information will be sent out over the next couple of weeks. As last year, renew on our website using the link or reply using the slip in the renewal pack.
If you have never taken this insurance out before and would like further information, please speak to your usual RNS contact.