Tax Investigation Insurance

At Yorkshire Accountancy, we care about the financial wellbeing of our clients. We know that as a small business or an individual taxpayer in the Hull and East Yorkshire region, you have plenty of responsibilities to juggle. That’s why we’re offering a very affordable tax investigation insurance that covers our fees in case of any enquiry from Her Majesty’s Revenue and Customs (HMRC).

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Why Do You Need Tax Investigation Insurance?

Tax investigations can be intimidating and stressful. They can consume your valuable time and cost a fortune in professional fees. Our tax investigation insurance is designed to alleviate these pressures by covering our accountancy fees related to the tax investigation. This means you can focus on what matters most – your business or personal life, rather than worrying about the potential financial burden.

What Does Our Tax Investigation Insurance Cover?

Our policy offers a comprehensive coverage for any HMRC enquiry, including full enquiries, aspect enquiries, business record checks, VAT inspections and more. This means if you are investigated, you will have the peace of mind knowing that we’ll be by your side, professionally handling your case without the worry of additional fees.

Why Choose Yorkshire Accountancy's Tax Investigation Insurance?

Our tax investigation insurance is affordable and provides immense value. It’s designed with our small business clients and individuals in mind, making sure you’re financially protected against the cost of an enquiry. With our insurance, you can expect transparent, hassle-free claims, friendly support, and professional service.

Remember, no one is immune from a tax investigation. Regardless of how accurate your records are, HMRC can still open an enquiry. Securing tax investigation insurance means you’re preparing for the unexpected.

Stay ahead of any potential tax hurdles with Yorkshire Accountancy’s tax investigation insurance. Let’s walk the financial journey together – confidently and securely.

Understand Your Risks – Uncover the Reality of HMRC Investigations

HMRC investigations are more common than you might think, and they aren’t limited to businesses with shady practices. A simple clerical error, a sudden increase in income, or even a tip-off can trigger an investigation. And it’s not only about big businesses, anyone – including small businesses and self-employed individuals – can come under the HMRC radar.

Counting the Cost of an HMRC Investigation

The cost of dealing with an HMRC investigation can run into the thousands. The actual cost varies depending on the complexity and duration of the investigation, and these can spiral without a cap in sight. But with Yorkshire Accountancy’s tax investigation insurance, these costs are covered. You get immediate access to expert advice, with no worry about escalating costs.

The Consequences of an HMRC Investigation

HMRC investigations are stressful and can disrupt your daily operations or personal peace. If HMRC suspects tax evasion or irregularities, they can delve deep into your finances, asking for detailed information and evidence, going back several years. This intensive process can take months or even years to resolve.

Demystifying the HMRC Investigation Process

Once an investigation starts, you’ll receive a letter from HMRC detailing what they want to look at. It could be a specific part of your tax return or a comprehensive review of your records. They may request documents or arrange meetings to ask further questions. Having a professional like Yorkshire Accountancy representing you during this process can make it much smoother.

Don't Wait for the Unexpected – Be Prepared!

While we all hope to never face an HMRC investigation, being prepared is key. Yorkshire Accountancy’s affordable tax investigation insurance ensures that you have immediate access to professional support if the need arises. No need to worry about where you’ll find the funds to pay for professional fees – we’ve got you covered!

Invest in Peace of Mind with Yorkshire Accountancy

Our tax investigation insurance is designed to be simple and straightforward. It offers you the peace of mind that comes with knowing you’re financially protected should HMRC open an investigation into your tax affairs. Don’t leave it to chance. Secure your financial future with Yorkshire Accountancy.

Remember, it’s better to be safe than sorry. Our tax investigation insurance is the safety net you need to navigate the taxing world of taxes!

Frequently Asked Questions

We’ve done our best to try and answer some of the most frequently asked questions about Tax Investigation Insurance below:

The cost of an HMRC investigation varies greatly, depending on the complexity of the case. On average, costs can run from a few thousand to tens of thousands of pounds. These costs mainly constitute professional fees for accountants or tax advisers to represent you.

Tax investigation insurance is a policy that covers the cost of professional fees in the event of a tax investigation by HMRC. These investigations can be time-consuming and expensive, and having this insurance ensures you’re financially protected during this process.

If HMRC decides to investigate you, they will notify you in writing. The nature of the investigation can range from a simple check of your tax return to a full review of your business records and personal finances. During this process, it’s crucial to have professional representation to ensure compliance and minimise potential penalties.

The length of an HMRC investigation varies depending on the case. A simple enquiry could be resolved in a few months, whereas more complex investigations can last over a year, or even up to several years in extreme cases.

Yes, HMRC can see your bank account information. In an effort to combat tax evasion, HMRC has powers to request information from banks and financial institutions regarding an individual’s financial transactions.

Typically, HMRC can go back up to four years to investigate. However, if they believe that you have been careless with your tax, they can go back six years. In cases where they suspect deliberate tax evasion, they can investigate up to 20 years back.

HMRC receives many tip-offs, but they do not investigate all of them. They use the information provided, alongside their own data, to decide which cases to investigate further.

Various factors can trigger an HMRC investigation, including discrepancies or errors in tax returns, late filing or payment, significant fluctuations in income or expenses, and tip-offs.

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