SAFE FROM THE TAXMAN? DON'T COUNT ON IT…

The way HM Revenue and Customs operates is changing and tax inspectors have far greater powers than they had previously.

HM Revenue and Customs now have the right to enter your premises, check your records and access your computers - all with no right of appeal.

The discovery of a simple, unintentional error causing an underpayment of tax may lead to you paying HM Revenue and Customs large penalties as well as repaying all the tax you are deemed to owe.

Anyone who completes a tax return could be selected at random for an investigation and the costs to defend these incidents, even though you may be wholly innocent, can be substantial.

Regardless of the outcome of an enquiry, the professional fees incurred during the investigations have to be paid. For example, one of our clients was subjected to a full corporation tax enquiry by HM Revenue and Customs. Although no adjustments were made to the company’s tax return and no extra tax was payable, the professional fees involved in concluding the enquiry totalled just under £5,000. These fees were fully settled by the fee protection service offered by taylorcocks.

The Premier Protection service ensures that our professional fees are covered in the event that you experience an intervention, review, investigation or dispute with HM Revenue and Customs.

The service that we are offering will not only cover enquiries into your business/company tax return, but if we prepare the directors'/partners' personal tax returns, they too may be covered.

Tax investigations are a real and growing threat to small and medium sized companies and we strongly recommend that all of our clients protect themselves and their businesses with the Premier Protection service offered by taylorcocks.