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Do You Have HMRC Tax Investigation Protection In Place?
Tax Investigations Are Back on the Rise Across the UK: Protect Yourself and Your Business
As the likelihood of receiving a tax investigation increases, it's crucial for UK businesses to take proactive steps to protect themselves. HMRC investigations are ramping up, particularly from this time of year onwards. With the government working to reduce previously incurred debts, HMRC is keen on rigorously enforcing existing tax rules.
If you do not currently have HMRC Tax Investigation Protection cover with Blue Rocket Accounting, now might be the time to reconsider. This protection can help you avoid costly fees later down the line.
5 Factors Currently Putting You at Risk
- Rising Investigations: The temporary lull in investigations, coupled with rising costs, means that HMRC is eager to collect all owed funds.
- Submission Errors: Changes in how tax returns are submitted have led to mistakes, leaving companies exposed.
- Tip-Offs: Escalating tip-offs from disgruntled employees and suppliers require investigation to determine their validity.
- HMRC’s Connect System: This system identifies changes in behaviour patterns, raising flags for investigators.
- Increased Banked Income: Businesses with a greater volume of banked income, due to a shift from cash to bank payments, have raised flags even when they have simply increased turnover over the last year.
Done Nothing Wrong?
Even if you haven’t done anything wrong, anyone can be selected for an investigation. No business is too small or too large for HMRC to challenge. Compliant, non-fraudulent companies can still be investigated. Unfortunately, even if HMRC agrees that your records are 100% accurate and there is no additional tax to pay, you will still need to pay the professional fees associated with a robust defence – potentially up to £10,000.
Tax investigation insurance covers these costs, giving you peace of mind as well as financial cover. We have seen how stressful undergoing a tax enquiry can be for a client, especially when confronted with a team of HMRC officers from across Tax, VAT, and PAYE. That’s why we believe it is essential to have experienced professional representation to take control of what could be a minefield.
Protect Your Business Today
If you would like HMRC Investigation Protection, we can set you up with cover from just £3 per month.* Call us on 01322 555 442 or email us athappytohelp@bluerocketaccounting.com to let us know you would like to take out the protection, and we’ll get cover in place for you.
Don't wait until it's too late. Protect yourself and your business with Blue Rocket Accounting's HMRC Tax Investigation Protection today.
*Monthly cover depends on level of protection required, speak to our Business Development team to get an accurate quote for you and/or your business.
Disclaimer: This article should not replace legal advice. Blue Rocket Accounting assumes no responsibility or liability for any errors or omissions in the content of this site. Although every effort is made to ensure information is accurate and up to date, Blue Rocket Accounting takes no responsibility for legal action the reader chooses to take as a result of reading said literature. Please seek direct advice based on your individual circumstance.
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