Safe from the taxman? Don't count on it…
The way HM Revenue and Customs operates has changed and tax inspectors have far greater powers than they had previously. HM Revenue and Customs have the right to enter your premises, check your records and access your computers - all with no right of appeal.
Who is at risk?
The discovery of a simple, unintentional error causing an underpayment of tax may lead to you paying HMRC large penalties as well as repaying all the tax you are deemed to owe.
Anyone who completes a tax return could be selected at random for an investigation and the costs to defend these incidents, even though you may be wholly innocent, can be substantial.
The benefit of our fee protection service
Regardless of the outcome of an enquiry, the professional fees incurred during the investigations have to be paid. Our fee protection service ensures that taylorcocks’ professional fees are covered in the event that you experience an intervention, review, investigation or dispute with HMRC.
Example; one of our clients was subjected to a full corporation tax enquiry by HMRC. Although no adjustments were made to the company’s tax return and no extra tax was payable, the professional fees involved in concluding the enquiry totalled just under £5,000. These fees were settled in full by the fee protection service offered by taylorcocks.
What is covered?
This service will not only cover enquiries into your business/company tax return, but if we prepare the directors'/partners' personal tax returns, they too may be covered. In addition, if we prepare the personal tax returns for the directors’/partners’ spouses, they too may be covered – at no extra cost.
Tax investigations are a real and growing threat to small and medium sized companies and we strongly recommend that all of our clients protect themselves and their businesses with the fee protection service offered by taylorcocks.