What is a tax investigation?
Anyone who pays tax can be subject to an HMRC investigation, which is essentially an official enquiry into the history of your tax payments.
These investigations can be carried out at random, affecting any business or individual, or they can be carried out due to incorrect information in a tax return or conflicting tax information from multiple sources.
Unfortunately, tax investigations tend to be drawn-out processes, lasting several months in many cases and sometimes several years. The result of the investigation may be that you or your company does not owe anything to HMRC, but even in such cases you will be required to pay professional representation fees.
How does fee protection work?
The fee protection service offered by Simpson Wood takes the worry out of tax, not only by covering the cost of professional representation in the event of a tax investigation, but also by limiting the disruption to your business and the stress an investigation might cause.
Subscribers to our fee protection service have their accountancy fees covered in the event that they should be required to submit information to HMRC throughout the duration of an investigation, during which our team of tax specialists will work towards the best possible outcome for you.
Our fee protection service covers investigations into corporation tax returns, partnership tax returns, sole trader tax returns and personal tax returns, as well as disputes regarding VAT, employer compliance and IR35.
Safe in the knowledge that your fees are covered, you can also confidently challenge tax assessments from HMRC that you believe to be unreasonable.
Why invest in fee protection?
HMRC is increasing its tax investigations, and is investing in sophisticated technology to identify discrepancies in tax returns. Multiple data sources are being used to inform HMRC’s digital profile of each taxpayer’s total income, and artificial intelligence is being used to identify inconsistencies.
But the looming spectre of a tax investigation need not be a dark cloud over you or your business. As a member of our fee protection service, you will know that in the event of an investigation you will be able to contact Simpson Wood and let our team handle the details while providing you with expert professional advice throughout the entire process.
To join our fee protection scheme, contact us today.
More from Financial Planning
We offer a complete solution to clients. As well as completing your return, we use our knowledge of your individual circumstances to provide you with proactive advice and help you to minimise your tax burden.
Our knowledge of trust and tax law and of its practical application has enabled us over many years to establish a large and well respected trust department, making us one of the leading practices in the area offering such a specialised service.
As a small growing business, we rely heavily on the excellent support that we receive from Simpson Wood. They provide the expertise and assurance which allows us to focus on our clients and service.
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