If you’ve ever received that dreaded letter through the door you’ll know that a tax investigation is costly in at least two ways:
1. A typical investigation results in tax penalties and interest levied on the taxpayer.
2. Your accountant will need to charge for their time spent defending your case.
And that’s not to mention your own time involved in digging-out and providing your historic records.
Whist you can’t insure against HMRC penalties or what they might discover to be unpaid tax you can insure against your accountants’ time in defending your case; ensuring that the final cost of tax and penalties is as low as possible.
Why is Massey Accounting Company now offering fee protection insurance?
Firstly, several recent enquiries from our clients’ prompted us to look at offering this service.
And secondly, let’s face it – the first thing you would do if you received that dreaded letter would be to call your accountant. In our experience tax investigation fees cause strain on our relationship with uninsured clients. I’m sure you understand that no one can work for free. The alternative might be to accept the assertions of HMRC and prematurely settle the enquiry. We would feel much more comfortable having the freedom to defend your case to the hilt!
How much does it cost?
The insurance can be paid monthly or annually in advance. There will be no difference in cost.
- Personal Tax clients (eg. employment / rental income only) – £3 per month
- Sole Traders – £8 per month
- Partnerships – £9 per month
- Limited companies – £10 per month
All of the above premiums also include complimentary access to Employment Law and Health & Safety advice lines.
What should you do next?
The insurance is backed by Croner-TaxWise. Please take a look at their explanatory leaflet here. To sign up now simply send us an email and we’ll reply with your quote and sign-up forms.
Enjoy saving tax?