Tax Enqiury's

[Olz]

My accountant has written offering a type of insurance policy which for £70 a year would cover any cost incurred as a result of a tax enquiry.

Anyone have one similar, think its worthwhile?

 

[CJ]

Lot of liability insurances have these built in.

 

[Ultimate Tiling]

Sounds alot to me but Grumpys your man on that one.

 

[White Room]

Yes, Can't remember if was my accountant or another firm, Think it was the latter, Did,nt take it up, thought to myself if I had a problem with my tax would be going back to my accountant for him to sort it out. Thats what I pay good money for. There,s to many of these insurance companys that try and scare you into taking out policys that are totaly unnecessary IMO If you keep your accounts upto scratch there should'nt be any problems Oli

 

[grumpygrouter]

Yes, Can't remember if was my accountant or another firm, Think it was the latter, Did,nt take it up, thought to myself if I had a problem with my tax would be going back to my accountant for him to sort it out. Thats what I pay good money for. There,s to many of these insurance companys that try and scare you into taking out policys that are totaly unnecessary IMO If you keep your accounts upto scratch there should'nt be any problems Oli

Tax enquiries can be instigated by many things, usually though something will be highlighted that the Revenue will "just want to check". The accountants costs when they have to get involved can be considerable and just because you are paying them to provide a service doesn't mean they are going to be liable for any "enquiry" costs. It may even be something else that has triggered the enquiry outwith what your account has done.

These insurance policies can be worthwhile, it all depends if you think it is money well spent.

My only enquiry envolvment resulted after one of my clients was not "declaring" sufficient drawings to live on through his accounts. When it was pointed out that he was married to paramedic who was very well paid, they said "oh, we didn't realise that". So I said, you can terminate the enquiry now then as you know how he lives?" No they said, once an enquiry has started, we must, by law see it through. it took several months for which my client paid me handsomely.

This is why insurance can be a viable cost.

 

[pjtiler]

the last time the bast ards investigated me it cost me over a grand in accountancy fees and time off work
oh and all they came up with was i sometimes bought a packet of **** and a paper when i filled the car up

 

[grumpygrouter]

the last time the bast ards investigated me it cost me over a grand in accountancy fees and time off work
oh and all they came up with was i sometimes bought a packet of **** and a paper when i filled the car up

Exactly what I mean Paul.

 

[Dan]

My accountant has written offering a type of insurance policy which for £70 a year would cover any cost incurred as a result of a tax enquiry.

Anyone have one similar, think its worthwhile?

the Federation of Small Businesses i'd join for that sort of backup.

 

[grumpygrouter]

the Federation of Small Businesses i'd join for that sort of backup.

Costs more than 70 notes a year though Dan!

 

[Dan]

Costs more than 70 notes a year though Dan!

Comes with other benefits too though.

The guy that came to see me also said, if you have this sign on your window you'll find 'the taxman' will treat you a little differently and follow the right procedures.

FSB appoint you an investigation guru or something.

Thankfully I've always been legit and have never needed to do anything dodgy with tax or NI for myself or employee's, when i had them.

 

[Dan]

To add. I probably got sold it well lol. I'm sure the taxman is of the most professional type of man there is.

 

[grumpygrouter]

To add. I probably got sold it well lol. I'm sure the taxman is of the most professional type of man there is.

.......I'm sure he is.........:lol: