TT190: HMRC enquiry? Have you got Professional Fee Protection?
Professional fee protection, designed to reimburse the costs of representation in the event of an HMRC enquiry, is in increasing demand.
A while ago Barnes Roffe LLP teamed up with a leading provider of fee protection cover to offer our clients a comprehensive fee protection package at competitive rates.
With increased powers and additional resources becoming available to HMRC in recent years, coupled with the government’s desire to clamp down on tax avoidance, it is the case that the number of enquiries initiated by HMRC is on the increase.
Our reputation and track record with HMRC is such that if you or your company is selected for enquiry you are in safe hands. We’re also pleased to report that the fee protection package that we offer is working well and those clients within the scheme who have found themselves selected for enquiry have benefitted from the financial security and peace of mind that the scheme provides.
How does professional fee protection work?
Subject to certain limits and exclusions, professional fee protection is designed to reimburse you/your company for the costs of representation (such as accountancy fees) in the event that you are selected by HMRC for enquiry. With the costs of representation properly insured, the taxpayer is not obliged to accept unreasonable or opaque tax assessments from HMRC.
Our clients are strongly advised to subscribe to the service. Tax enquiries can cost many thousands of pounds and take several years to settle.
HM Revenue & Customs (HMRC) has been given nearly £1billion in additional funding by the Government to tackle tax avoidance, evasion and fraud. In return, HMRC is expected to raise £23.5billion a year from increased compliance activity by 2014/15. It adopts various tactics to identify businesses and individuals for in depth investigation, using ever more intrusive and wide ranging methods. 5463 HMRC officers have been moved to new or different compliance roles to help deliver the extra revenue.
HMRC is empowered to look into the tax position of any taxpayer, regardless of whether all returns and payments have been made on time. You may have to justify your accounts, income and lifestyle and many people are shocked at the type of questions HMRC can and do ask.
There has never been a better time to safeguard against the threat of enquiry.
For further information about professional fee protection, including what is and is not covered, please contact your Barnes Roffe LLP relationship partner.Talk to Barnes Roffe today