No one wants to be under the unwelcome glare of the HM Revenue & Customs (HMRC) spotlight but investigations are rising which means there is an increasing chance that, one day, you may need to deal with a tax enquiry.
You may not even consider that you have done anything wrong. HMRC randomly carry out spot check enquiries. If they find anomalies this can quickly escalate into a full-scale investigation which can be both stressful and costly to defend.
What type of investigation might I face?
Traditionally, VAT returns are the most common type of investigation although any area of tax where HMRC believes there may be a discrepancy can trigger an enquiry.
Most recently, we have become aware of a significant increase in investigations into Self-Employment Income Support Scheme (SEISS) grant overpayments, bounce back loans and furlough payments.
Those targeted by HMRC are often unlikely to know they have over-claimed until they receive a notice from HMRC.
Businesses can also be chosen at random and even if you have done nothing wrong, the cost of defending yourself by obtaining the necessary financial evidence can quickly add up.
Tax investigation protection for peace of mind
We understand how stressful a tax investigation or enquiry can be which is why we offer a comprehensive tax enquiry service that is backed by specialist cover – to meet the full cost of dealing with and defending your case.
Our Tax Investigation Protection Scheme starts at just £60 per year for private clients, £150 for a sole trader and £300 for a limited company. Compared with the significant costs associated with defending a tax investigation, it’s a relatively small price to pay for peace of mind.
Annual deadline approaching – act now
The deadline for enrolling in our annual Tax Investigation Protection Scheme is 30 September 2021 so if you would like to take out cover or find out more, please contact us.