If you’re unlucky enough to be selected by HMRC’s goon squad as the subject of a tax enquiry, our enquiry insurance gives you expert defence against a range of HMRC tax enquiries. We’ll handle all correspondence with HMRC and cover the defence costs (up to £100,000) so you can be safe in the knowledge that you’ll get the best possible outcome.
Tax enquiry insurance for limited companies and the self-employed
While we do, of course, prepare and file these accounts and returns on your behalf, we remain at the mercy of HMRC as to whether they will open an enquiry into the returns. We can of and do limit the potential for an enquiry, but we cannot entirely rule this out, as HMRC carry out routine checks of tax returns each year, have been known to select returns at random, and hold the power to investigate previous tax years.
This can be, and is, time consuming and therefore expensive. By way of an example, a recent enquiry we handled was opened in 2019 and did not conclude until 2022 ended up with fee costs of £4,600. As the client had TaxWise he didn't need to pay anything.
This is an entirely optional service we provide, but encourage clients to take it on because we feel it is important that we are able to provide the best possible service if HMRC comes calling. Investigations are no picnic. Whilst HMRC can sometimes be dissuaded with the right approach, often investigations drag on for extended periods of time which can prove stressful for all involved, and consultancy costs can soon mount up.
Please note that we can only offer this as an additional service to Acumenica Group clients who have a monthly agreement with us. We cannot offer this is as standalone service to non-clients.
What does Tax Enquiry Insurance cover?
HMRC Enquiries & Disputes
Enquiries into your corporation tax or income tax self assessment tax return
IR35 Enquiries
Should HMRC open an enquiry in relation to IR35 (Chapter 8 ITEPA 2003)
PAYE Compliance Reviews & Disputes
If HMRC conduct a compliance check or routine inspection of your PAYE
MSC Enquiries
If HMRC open an enquiry under the Managed Service Company legislation
VAT Disputes
Should HMRC raise a dispute following an inspection of your VAT records
Code of Practice 8
Reimbursement if not found guilty of fraud following a COP8 enquiry
What does Tax Enquiry Insurance cost?
Acumenica clients can enjoy this peace of mind for just £15 per month inclusive of VAT. This is paid alongside your monthly accounting fee.
To arrange cover contact your Acumenica accountant or complete the Contact Us form.
