Complying with the increasingly complex tax legislation and filing deadlines is challenging, but we invest heavily in training to ensure that all our staff are well-versed in the current tax legislation and prospective changes. We have well-established systems to ensure that whatever possible we will deal with your tax affairs on a timely basis. We will also strive to keep you informed of changes that affect you through our various newsletters, publications and this website, although you need to opt-in to receive these services. You download an opt-in form and either mail it back or scan and send it to firstname.lastname@example.org.
Penalties for non-compliance can be severe. Late filing penalties vary according to the type of tax. In an HM Revenue & Customs' enquiry penalties for non-compliance (include accounting errors) are scalable percentages based on the potential lost revenue identified in the enquiry:
It pays to be compliant and if you read what we expect from you then we will ensure that you are.
To discuss all matters relating taxation, please get in touch with our Tax Director (Vicky Hulse) on 01782 848838 or email us on the link below.
Tax Investigation Insurance
Dealing with an enquiry can be expensive, even when HM Revenue & Customs (''HMRC'') find very little to recover. For example, one client paid £x in tax, £x in interest and £x in penalties but incurred £x in our fees for dealing with the enquiry. Whilst you can't insure against the unpaid tax, interest or penalties, you can insure against our fees for dealing with the enquiry. Cost vary according to the nature of your business and the amount of your annual fee.
Enquiries are intrusive, time consuming and costly, but in 2017/18 HMRC collected 30.3 billion through their compliance activity so it isn't going to go away. Indeed, HMRC are expanding their data sources (which are considerable) and are determined to maximise revenues due from tax payers.
HMRC risk-assess returns and conduct random enquiries. Businesses likely to be assessed as high risk and therefore vulnerable to enquiry are:
- Involved in high risk sectors, such as construction, personal service companies not within the scope IR35, mobile phone traders etc.
- Unincorporated businesses without disallowance for private use
- Capital gains tax calculations involving market values (e.g. transactions between connected parties)
We can't take away the stress and anxiety of being investigated, but we can remove the cost through out investigation insurance. Premiums are modest ranging from £57 for individuals to £270 for limited companies whose annual fees exceed £2,000. These premiums are VAT inclusive and include a 24-hour helpline for employment, health and safety and business legal advice.
Download our tax investigations service summary, insurance rates and application form.