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Tax Investigation Insurance

Since the amalgamation of the Inland Revenue and Customs and excise into a new ‘super agency’, Inspectors are becoming increasingly belligerent during investigations and this aggression combined with annually increasing investigation targets means that you and your business are more at risk than ever before. We believe that Tax Investigations Insurance gives you complete peace of mind in the event of an Enquiry.

Our group policy is with Abbey Tax Protection, the market leader in the provision of tax investigations insurance to the accountancy profession. Abbey Tax Protection is a trading division of Abbey Protection Group Limited which is authorised and regulated by the Financial Services Authority, so you can be assured of the highest standards of service.

As a business client, by subscribing to this service you will also receive free telephone access to a 24 hour Business Legal Advice line for advice on matters including Employment & Personnel, Health & Safety and other commercial issues

Due to our firm’s excellent claims record we have been able to obtain a reduction on the annual insurance premium, for our clients of 13% to 20%.  The cost of the annual cover is as follows:-

Notes:

1. The annual charge includes insurance premium tax of 5%.
2. Maximum cover for the full enquiry is £75k with no excess.  Maximum cover for the aspect enquiry is £2,500 (£4,000 for Company), with an excess of £200 (£400 for Company).
3. The annual charge includes an administration charge for Raymond Benn & Co which is calculated at approximately 50% of the cost from the insurer.

The main exclusions are as follows: -

• Existing investigations and disputes at the time the insurance is taken out.
• Fees incurred prior to the written acceptance of a claim.
• Claims arising where the Annual Returns/accounts are submitted “late”, i.e. outside the time parameters set out in Taxes Management Act 1970.
• Attendance at routine VAT and Employer Compliance visits.
• Special Compliance Office, Special Investigations Section and HM Customs & Excise Investigation Division cases.

The Insurance reimburses the Professional Expenses incurred in dealing with the following disputes and investigations.

• Self-assessment Full and Aspect Enquiries (Income Tax and Corporation Tax).
• PAYE, PIID (return of benefits) & NIC Disputes.
• H M Customs & Excise VAT Disiputes.
• IR35 Disputes.

Click here to email John Etheridge for further information and/or to arrange cover.