TaxWise Professional Fee Protection policy

As the Government looks to “balance the books” one of the areas open to it are to ensure that everyone including limited companies are submitting correct returns and paying the right amount of tax. The latest government figures show the average additional tax payable as a result of a full tax enquiry to be £9k.

Under its wide ranging powers HMRC can open various types of enquiry into returns submitted by individuals and businesses. These can last from a few weeks to a several years depending on the circumstances. If you or your business is unfortunate enough to be selected for any enquiry the last thing you need in addition to the worry of paying an additional tax liability is having to settle potentially significant accountants fees for the work performed in defending your position with HMRC.

To protect you and your business against these potential costs the TaxWise Professional Fee Protection policy has been designed to cover accountancy fees incurred during an enquiry up to £75,000 per claim. Statistics show the average costs of accountancy fees incurred during an enquiry in the last 12 months to be £2600 for Soletraders or Partnerships and £6000 for Limited Companies.

The standard cost of the policy is £180 per annum – a small amount when considering the risks you are open to and the level of cover it provides. Policy holders also gain access to our complimentary Tax/VAT advice line were our vastly experienced team of Tax & VAT advisors are available to deal with any issues.

For further information please phone the TaxWise Advice Service on 01455 852550.