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 firstname.lastname@example.org or call us on 0118 946 4700.