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The Times reveals that an increasing number of people are taking out insurance to protect themselves against the costs of being scrutinised by HMRC.
The Times also highlights how taxpayers can still find themselves at fault even if they use accountants. It cites the case of one reader who says she has been hit with a bill from HMRC for tens of thousands of pounds in unpaid tax and penalties because, she believes, her accountant failed to spot that she was required to pay VAT. It recommends always using a member of a reputable professional body, such as the ICAEW, ACCA or the CIOT.
Separately, Anne Ashworth explains how HMRC’s Connect database is helping the Revenue to target more suspected tax cheats. The system trawls scores of sources for information about a person’s finances and lifestyle, which are then compared with the details on their tax return. Among those likely to be scrutinised are people who post pictures of expensive cars, meals or holidays on Instagram or Twitter, but have reported an income insufficient to support such expenditure.
We offer a scheme for tax fees insurance to our clients. The insurance pays the costs of our additional fees incurred should a tax investigation be launched against a firm or individual.
If you are interested in getting more information about this insurance or would like to sign up for this, please contact us.