Tax investigation insurance
The best tax investigation insurance cover available
Nicolson Accountancy offer you, our clients, flexible tax investigation insurance protection up to £100,000 and no excess for tax returns up to 90 days late. You’ll enjoy the peace of mind that comes from knowing you’re covered against all of these events.
Cost of the service – 2015
Type of cover,Annual cost
Sole trader or partner in a business,£160
Personal tax return only,£80
An extensive examination which considers all aspects of the self assessment tax return. It will involve a comprehensive review by HMRC of all books and records underlying the entries made on the return. It will also feature the issue of a notice under S9A/S12AC TMA 1920 or paragraph 24(1) Schedule 18 FA 1998.
Where HMRC enquires into one or more aspects of the self assessment tax return which may involve clarification of particular entries, to detailed consideration of whether those entries have been treated correctly for tax purposes. It may involve a check on the records upon which the particular entries were based. It will also feature the issue of a notice under S9A/S12AC TMA 1970 or paragraph 24(1) Schedule 18 FA 1998.
Business Inspection Notices
Where HMRC exercise their power to request entry to a person’s business premises and inspect the business premises, assets, goods and documents. It will feature the approval of an ‘Authorised Officer’ of Revenue & Customs and the issue of an Inspection Notice for a short notice or unannounced visit or where the proposed inspection has been approved by the First-tier Tribunal.
VAT & Employer Compliance visits
Where HMRC wish to carry out a routine PAYE/VAT Compliance Visit where it is agreed that the professional representation is necessary and the matter cannot be dealt with by the client alone.
Business Record Checks
Where HMRC wish to carry out a Business Record Check. This will feature a telephone call with HMRC followed by an actual inspection visit.
Pre Dispute cover
Where it is considered necessary to involve us following a routine inspection / compliance visit by HMRC.
IR35 Status Check
Where HMRC write asking if you have considered whether a client is within the scope of IR35.
A challenge by HMRC to the accuracy or completeness of returns submitted. It will feature a disagreement over both the way in which VAT has been operated and over the amount of VAT due.
Where HMRC states a client should be subject to the IR35 legislation following a PAYE compliance visit or the issue of a notice under paragraph 24(1) Schedule 18 FA 1998. It will feature a disagreement over whether this legislation applies.
A challenge by HMRC to the accuracy or completeness of returns submitted in accordance with Pay As You Earn Regulations. It will feature a disagreement over both the way in which PAYE has been operated and over the amount of PAYE/NIC due.
Employment Status Dispute
Where HMRC state that an individual previously classed as self employed should have been subject to PAYE.
Directors & Partners Cover
Where a partnership or limited company joins our Tax Investigation Service you may also make a claim in the event of either an aspect or full enquiry into the personal returns of the partners and directors and their spouses and company secretaries. This automatic cover will not extend to rental income in excess of £50,000 per annum (before expenses) or any other business activities.
Application for Judicial Review
This is an application (during the course of a valid claim under the policy) to the Administrative Court to challenge a decision of an official where no other legal recourse is available to the applicant.
Code of Practice 8 Investigations
This is where HMRC Special Investigations launch an enquiry and issue Code of Practice 8 Booklet.
This is where HMRC issue a letter, or telephone call, with a view to obtaining clarification on particular points without the issue of a statutory notice and not dealt with or excluded under any other section of the policy.
If you need any more information, please contact Angus Nicolson.
Glasgow: 0141 237 3878
Kilmarnock: 01563 578900
Stornoway: 01851 700362
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