Fee Protection Insurance

Being investigated by HM Revenue & Customs can be disruptive, intrusive and expensive. Sometimes a case can drag on for a year or more, saddling you with spiralling stress levels and mounting costs.

An investigation may be triggered when HM Revenue & Customs Customs pick up something they see as an anomaly on a Tax Return. Or they may act in response to a tip off, or something they spot in a local newspaper, or even an overheard conversation in a pub.

But they don’t have to have a reason at all.

Every taxpayer is at risk….of being chosen at any time, purely on a random basis.

No one is immune.

What Is Taxwise Plus Fee Protection?

A fee protection scheme that pays the professional fees required to provide you with the right level of representation should you be subject to an investigation or dispute with the tax authorities.

It Could Be You…

  • The tax authorities don’t need a reason for opening an investigation.
  • You could easily be selected at random without any additional tax or VAT being due.
  • Anyone who completes a tax return could be investigated.
  • Statistics show that over the last five years, the money clawed back from enquiries has increased by over 65&#37 (1)
  • HM Revenue & Customs’ policy director recently stated that it aims to claw back an extra £3.5 billion from taxpayers every year until 2008 to set against the revenue lost to tax avoidance and evasion. (2)

Sources:

(1) Inland Revenue/Financial Times January 2005.
(2) Financial Times October 2005.

Why Choose Taxwise Plus Fee Protection?

  • Taxwise (Taxwise Plus Fee Protection) provides up to £75,000 cover per claim to fund professional fees resulting from HM Revenue & Customs investigations or disputes.

  • It is the UK’s market leading fee protection scheme.

  • It offers you peace of mind – having a conscientious accountant and exemplary book keeping won’t stop your business from being chosen for an investigation.
  • It can protect you against the stress involved in an investigation, which can put a strain not only on relationships, but also on your health and personal life.
  • You won’t need to worry about the cost of additional professional fees incurred during an investigation. Your Taxwise (Taxwise Plus Fee Protection) cover will pay for the right level of representation to get the best result.
  • Fee protection services provided by third parties often appoint someone to represent you, someone you don’t know and who doesn’t know your affairs – and that could be costly. With Taxwise (Taxwise Plus Fee Protection), you’ll be dealing with us, someone you know and trust.
  • A copy of the full policy terms and conditions is available on request.

How does it work in practice?

  • These are two examples of how Taxwise Plus Fee Protection helped individuals who held Taxwise Plus Fee Protection cover:
  • A taxi firm underwent an investigation which ran for four years and cost nearly £7,000 in professional fees, before finding that no further tax was payable. TaxSure covered the full amount of the accountant’s fees.
  • A building firm was involved in a dispute about its VAT registration.The case was decided in the client’s favour and over £30,000 of VAT was saved. In the three-year period of the dispute, costs of around £8,500 were incurred – and covered in full by Taxwise Plus Fee Protection .

To protect your business call us now

Taxwise Plus Fee Protection is arranged through Taxwise Services Limited (Financial Services Register number 304970) and underwritten by Irwell Insurance Company Limited (Financial Services Register No. 202897).