HMRC’s goal is to maximise tax revenues at the lowest possible cost to the taxpayer. A key part of their role is to review all aspects of a small businesses taxes (corporation tax, income tax, PAYE and VAT) to ensure that the correct amount of tax has been paid. Sometimes small businesses can receive aspect enquiries or full investigations from the taxman. These can be time consuming and stressful for the business owner, and can last for months or even years.
Help is at hand from your accountant and other tax experts to manage the enquiry on your behalf. But the fees to do this can be costly.
The good news is that sole traders, partnerships, limited companies and LLP’s can take subscribe to a ‘Tax Fee Protection Insurance’ policy. This will pay the professional fees to protect you in the event that HMRC start an enquiry or investigation against you or your business. Our Gold and Silver packages include Tax Fee Protection Insurance as part of the monthly fee.
This means you have peace of mind that you will have experts on hand to defend you and deal with HMRC on your behalf, without the need to pay costly one-off fees.