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.



 
Other items in Blogs
 
Richard Alecock
18th October 2018 HMRC defer MTD for businesses with more complex requirements

HMRC have updated  MTD for businesses with more complex requirements The exception is a small minority of VAT-registered businesses with more complex requirements. As part of planning for the VAT pilot, HMRC have made the decision to delay mandation for these customers until 1 October 2019 to ensure there is sufficient time to test the…

Read More »

Victor Courdelle
15th October 2018 If HMRC Can’t Say, Who Can? – Records Required for ‘Cash Accounting for VAT’ Under MTD

Reference to VAT Notices 700/21, 700/22 and 731 suggests that a business using Cash Accounting for VAT under Making Tax Digital will be required to:- Maintain digital accounting records at transaction level: Keep a digital VAT account using Accrual accounting; Cross reference Monies Received and Paid against individual Sales and Purchase invoices within their digital…

Read More »

Thomas Carter
12th October 2018 How to choose a business structure

Are you thinking about setting up a business?  If so, one of the first decisions you will need to make is that of business structure. The main business structures are: sole trader, partnership, limited liability company, and limited liability partnership (LLP). Sole trader – This is the easiest set up, with very little in the way of red…

Read More »

Richard Alecock
11th October 2018 Why a start up business should complete a business plan

A business plan is a written document that describes your business. By committing your thoughts to paper, you can understand your business better and also map specific courses of action that need to be taken to improve your business. It covers objectives, strategies, sales, marketing and financial forecasts. A business plan can help you to:…

Read More »

Richard Alecock
11th October 2018 Making Tax Digital, VAT and newly registered businesses

All VAT registered businesses with a turnover over the current VAT registration threshold of £85,000 will be required to comply with the Making Tax Digital (MTD) record keeping and reporting requirements for VAT periods which start on and after 1st April 2019. Where a business is VAT registered but has turnover under £85,000 at April…

Read More »

Matilda Mawson
5th October 2018 Have you elected not to claim child benefit?

You may wish to consider the implication this could have on your state pension in later life. Following the introduction of the high income child benefit charge in January 2013 many new parents have decided not to make a claim for child benefit as their individual income is well above the threshold to be fully…

Read More »