Tax Risk Management 17th June 2014 Insure against the risk of a ‘challenge’ from HMRC. Recent figures published by H M Revenue & Customs confirm that the government’s drive to close the “tax gap” yielded a record £23.9 billion of additional tax in 2013/14, an increase of £3.2 billion on the previous year and £9 billion more than three years ago. The government is now aiming for £24.5 billion of extra tax in 2014/15 and £26.3 billion in the following year. Whilst some of this extra revenue is generated from well-publicised tax avoidance schemes, organised crime and large businesses there is no doubt that there has been a significant increase in the number of enquiries into the self-employed, family businesses, professionals, buy-to-let investors and capital gains tax cases. Our fee protection insurance scheme, provided through Professional Fee Protection, provides comprehensive cover to protect clients from the costs of handling HMRC enquiries, from specific queries about a particular aspect of a tax return through to in-depth investigations and reviews of accounting, VAT and payroll records. Clients can join at any time during the scheme year and premiums have remained unchanged for the third year in succession, representing excellent value. For more information contact Jill Holt at our Bury St Edmunds office.