Tax Enquiry Insurance & Tax Insurance

Tax Enquiry Insurance

From £35.00 /Year or £2.92 /Month

WHAT IS TAX ENQUIRY INSURANCE?

Any self-employed individual or small business can be subject to a tax enquiry or dispute with HM Revenue & Customs (HMRC). Even with no wrongdoing on the part of the taxpayer HMRC can conduct routine enquiries into their tax affairs. Where you use sub-contractors HMRC can go through and potentially re-classify your sub-contractors as employees and go back to earlier years and calculate the tax that should have been deducted.

The cost of defending such enquiries can potentially be large and it is important to ensure professional representation should HMRC come knocking.

Tax Enquiry Insurance will cover up to £50K of fees incurred by our specialists or your accountant in the event of an enquiry or dispute with HMRC.

TAX INSURANCE COVER SUMMARY

Renowned experts to defend your case
Cover for limited companies, sole traders, and partnerships
Instant cover with documents issued immediately
Monthly or annual payment options
UK telephone support

WHAT DOES TOOLS IN TRANSIT INSURANCE COVER?

Up to £10,000 cover for cost of repair, reinstatement or replacement of property belonging to you or for which you are responsible is lost, destroyed or damage whilst being loaded in or upon, carried by, temporarily housed in or upon, or being unloaded from your vehicle.
Full UK network of approved suppliers with access to tens of thousands of product lines
Overnight storage of tools in the vehicle is permitted, subject to security conditions, which include the requirement that the vehicle is in a locked garage or compound or, as long as it is alarmed, on the insured’s driveway

For full terms and conditions of cover, please refer to the policy wording.

TAX ENQUIRY INSURANCE POTENTIAL CLAIM

A self-employed plumber received a letter from HMRC starting a full tax enquiry. HMRC believed the plumber’s income was low compared to the expenses declared. HMRC requested details of the day books so that they could contact a sample of customers to verify that what work had been completed and how the plumber was paid. The builder’s accountant was able to verify all of the expenses and how the cash was received. Fees of almost £3,000 were covered in full by the Policy.

TAX ENQUIRY INSURANCE FROM

£2.92 /MONTH OR £35.00 /YEAR

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MORE POTENTIAL CLAIMS

Below are some examples that may be covered under a Tax Enquiry Insurance Policy:

HMRC undertook a PAYE review into a building contractor and challenged the status of sub-contractors arguing that they were under the direct supervision and control of the building contractor and there was no obvious right of substitution. Our experts successfully defended the contractor, pointing to the working practices and successfully demonstrating that the sub-contractors were genuinely self-employed. The enquiry closed with no additional tax to pay.

ADVICE LINES

You also get access to our tax advice lines which provides unlimited access to our expert advisors for support on any tax or VAT issues that you or your business may encounter.