'No matter how up to date and compliant your tax affairs may be, the threat of a random tax enquiry means you are exposed to the cost of professional representation should HM Revenue & Customs randomly strike.
Professional expenses insurance gives our clients peace of mind that they can afford to be properly represented and can deal with HM Revenue & Customs on an equal basis'.
The Problem....
HM Revenue & Customs has the power to look into the 9 million tax returns it received last year.
Last year they looked into the affairs of more than 160,000 individuals.
One in ten enquiries arises through random selection.
About three-quarters of all enquiries clear the individual or company of any wrongdoing.
However it will usually cost on average £2,671 in accountancy fees to conclude a full tax investigation but this could be as high as £20,000.
The Answer....
As a Lovewell Blake client, you are able to protect yourself against the cost of representation in these investigations by purchasing an insurance policy for a small premium.
Who is at Risk....YOU ARE AT RISK!
Every taxpayer can fall victim to a random Self Assessment enquiry.
Any employee is at risk of examination of his or her P11D return of benefits.
All employers are likely to have an Employer Compliance audit which may lead to a dispute about PAYE/NIC.
All VAT registered businesses will have a compliance visit at some stage.
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