Fee Protection Services
What is Fee Protection?
Every year, there are thousands of tax enquiries conducted by HMRC. Some enquiries are selected at random, and some are selected using a system where HMRC gathers and stores all individuals and businesses tax information which they then use this information to analyse areas of potential risks.
HMRC are raising funds by increasing the number of tax investigations by using data to identify discrepancies or variances which can prompt an investigation.
HMRC investigations aren’t just inconvenient, they can also be incredibly time consuming and, more importantly, costly. In the unpredictable event of you or your business tax affairs being subject to these enquiries, our Fee Protection Services will cover the cost of fees and allow us to provide you with the guidance and expert advice you’ll need.
The Benefits of Thomson Cooper Fee Protection
1. Now more than ever, HMRC is determined to recover money from tax enquiries. Our services ensures that in the event of an enquiry, you and your business will be protected from unexpected fees.
2. While some enquiries are selected for specific reasons, such as suspicious transactions or the industry sector, many are selected at random. This unpredictability means that even if you think you are safe from investigation, you aren’t necessarily.
3. Not only does our fee protection service cover the cost of fees incurred due to HMRC enquiries it also provides you with expert guidance to help you navigate such a stressful situation.
Summary
HMRC investigations are on the increase as HMRC seek to collect additional revenue. Professional fees incurred in dealing with a tax enquiry can be expensive. Expert advice during a tax investigation is valuable to support you and help you navigate the enquiry.
This service is only available to individuals and businesses for whom Thomson Cooper are Tax Agents Contact us on 01383 628800 or email personaltax@thomsoncooper.com to arrange a free initial consultation with a specialist tax advisor
Frequently Asked Questions About Fee Protection
Which taxes can be queried in a HMRC tax investigation?
Because no one is exempt from HMRC’s compliance check, whether an individual or a company, many taxes can be subject to scrutiny.
Here are the types of taxes and schemes that HMRC inspects:
· Income Tax
· VAT
· Corporation Tax
· Capital Gains Tax
· Construction Industry Scheme (CIS)
What types of tax investigation are there?
There are three categories of tax investigation:
· Aspect enquiry: where HMRC want to assess one or more areas of your tax information.
· Full investigation: where the whole of your tax return is reviewed (personal return or corporate tax return).
· Random: These can often be aimed at higher risk tax areas or sectors.
Whatever the type of enquiry, the consequences and costs can be serious.