If you are self-employed or run a business, you know that HMRC (Her Majesty's Revenue and Customs) has the power to investigate your financial affairs. This can be a very stressful process, even if you have done nothing wrong.
Tax investigation insurance can help to protect you from the financial costs of an investigation. If you are investigated, your insurer will pay for the professional fees of an accountant or lawyer to represent you. They will also cover any additional taxes, interest, or penalties that you may be liable for.
Tax investigation insurance is not a substitute for good tax compliance. However, it can give you peace of mind knowing that you are protected if HMRC does decide to investigate you.
Here are some of the benefits of tax investigation insurance:
- It can help to protect you from the financial costs of an investigation.
- It can give you peace of mind knowing that you are protected if HMRC does decide to investigate you.
- It can help you to get the best possible outcome from an investigation.
If you are self-employed or run a business, We recommend that you consider taking out tax investigation insurance. It is a small price to pay for the peace of mind it can give you.
Here are some tips to help you keep ahead of an HMRC investigation:
- File your tax returns on time and accurately.
- If you have any questions about your tax obligations, don't hesitate to contact HMRC.
- If you are contacted by HMRC about an investigation, be polite and cooperative. However, you should also seek professional advice from an accountant or lawyer.
- Keep good records. This means keeping all of your receipts, invoices, and other financial documents.
To find out more about our tax investigation insurance cover, email mail@assets.ltd.uk or call us on 0118 946 4700.
Our core services
Our tax services make sure that your tax liability is calculated taking into account all allowed exemptions and deductions. We simplify the process by using accountancy software to accurately complete tax returns and calculate any tax liability that may occur, along with any payments that need to be made.
Corporation tax reliefs and rates change annually, so we ensure that we can provide all the right guidance and advice when looking at exemptions, allowances and deductions that may be available.
We will thoroughly review and prepare corporation tax returns in great detail in order to ensure you are complaint and that you don’t incur any penalties.
You may be looking at investments, a second property or another asset and our team can make sure you maximise your exemptions while simplifying the difficult area of capital gains tax.
We can help with the complex issue of personal tax, we know it can be difficult to understand, which is why we help every step of the way. We take away the time and stress by creating a tax planning strategy that suits your tax affairs, helping ensure you pay the least amount of tax. Our team will advise when payments are due along with what forms need to be filed and returned to keep you compliant.
How we help your business
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