Tax Investigation Service
What Is Our Tax Investigation Service?
Tax Investigation Service covers you against the cost of additional accountancy fees that you incur as a result of being investigated by HMRC. Tax investigations are time consuming, complex and stressful. You will require specialist advice from us during an enquiry. The more complex your case the greater the amount of time and resource we will need to dedicate to you. Unfortunately, these additional accountancy fees can run into thousands of pounds. As a Practice we want to protect you from this burden, that’s why we recommend that our clients take out our Tax Investigation Service. This service will safeguard you from the cost of the accountancy fees associated with an HMRC enquiry.
What Happens During An Investigation?
HMRC can investigate any taxpayer, both individuals and businesses are at risk. Tax Investigations can last for many months, even years. During this time you will find yourself likely to incur accountancy fees as well as having to deal with costly business disruption and probing questions from HMRC. Even if you're found to owe nothing you will still be liable to pay your professional representation fees. It's vital during an investigation, however small it may be that you seek professional representation from the outset. Our tax investigation service will cover the cost of our fees as well as providing you with access to our experts in handling HMRC enquires and managing your claim.
What Do I Need To Get Insured?
Tax Investigations are on the increase. HMRC has spent over £80m on a new super computer specifically to identify businesses and individuals who are identified as having potential tax discrepancies. The sophisticated system trawls a wide variety of sources generating a digital footprint and building a profile of a taxpayer's total income. HMRC scans Government and commercial data from the likes of financial institutions, Land Registry, DVLA and employers. It uses this information to identify businesses and individuals whose profiles indicate potential inconsistencies and then targets them for investigation.
- £35 billion - the estimated gap between what HMRC should collect and what it does collect
- £80 million - spent by HMRC to develop a super computer that monitors your digital footprint for potential underpaid taxes
- Due to sustained efforts to tackle non-compliance, there has been a long-term reduction in the overall tax gap, from 7.2% in 2005-06 to 5.6% in 2017-18
- Failure to take reasonable care is responsible for the largest behavioural component of the overall tax gap accounting for £6.4 billion
Get Protected
It only takes a couple of minutes to join the service. Simply click on the ‘Get Protected' button below. We’ve made it really easy for you to sign up.