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.

Disclaimer - All information in this post was correct at time of writing.
Other Blogs
Maddie Milner
22nd February 2024 Companies House fees increasing

From 1st May 2024, Companies House fees are increasing. These increases are following the announcement of the Economic Crime and Corporate Transparency (ECCT) Bill, which is giving Companies House greater powers in verifying the accuracy of information and tackling economic crime.   Some of the main rises in costs are as follows:   New fee…

Louise Bassett
21st February 2024 How is the government supporting farmers?

Let’s ask the question, ‘How is the government supporting farmers?’   DEFRA shared a press release from the Prime Minister yesterday, citing his and his party’s commitment to farmers and rural communities.   We already know that Sustainable Farming Incentive (SFI) and Countryside Stewardship payments are being increased across the board by approximately 10%, but…

Shamus Chaplin
20th February 2024 Update on Double-Cab Pick-Ups: HMRC are reversing

Update on Double-Cab Pick-Ups   On the 12th February 2024, HMRC announced that their interpretation of the legislation had changed regarding the favourable tax treatment of pick-up trucks from 1st July 2024. However, after consulting farmers, construction workers and other industry professionals they have now reversed their decision!     Current Position HMRC interprets the…

Ian Piper
19th February 2024 SME Ely Business Awards 2024: 1 Week Left To Enter!

There is just one week remaining to enter the SME Ely Business Awards for 2024!   Celebrate your business’ achievements and be in with a chance of winning by entering today. Entries close on Thursday 26th February 2024 at 3pm. Find Out More Click here to find out more about the SME Ely Business Awards…

Maddie Milner
16th February 2024 Companies House changes from 4th March 2024

,Find out more about the upcoming Companies House changes from 4th March 2024 here.     Registered email addresses One of the main changes from the 4th March 2024 are Companies House require all companies to provide a registered email address which will be collected within your companies next Confirmation Statement.   New companies will…

Shamus Chaplin
15th February 2024 Double-cab pick-ups: End of the road?

*An update on this has since been posted. Click here to read the updated information.*     The tax treatment of double-cab pick-up trucks is set to change with effect from 1st July 2024, and will see the vehicles lose their status as ‘commercial vehicles’ when it comes to company car taxation. This could see…