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Where Taxpayers and Advisers Meet

HMRC Tax Investigations insurance

Gary wilkins
Joined:Wed Mar 31, 2021 7:31 pm
HMRC Tax Investigations insurance

Postby Gary wilkins » Wed Mar 31, 2021 7:43 pm

Hi. i have just started a new LTD company, after my old company i closed as the IR35 was coming in, but now my work is outside the IR35, so have opened a new company, my old company had fine for a late tax return that wasn't even to be done, checking this with them, they have now dropped the penalty, but what an absolutes nightmare trying to get through to them, even the automated service hung up on me a number of times, anyway, they have sent me a letter saying we have dropped the fine, but if you think you have more tax to pay then do a return, i don't do my own tax, i have a job using a calculator, i'd rather pay for the service, it's peace of mind, well, most of the time, so, after receiving this letter i do feel a little nervous, seems the tax man shoots in the dark and don't care the cost to anybody he picks on, so what i wanted to ask is, where is the best place to buy insurance to be covered for this type of investigation.

Joined:Fri May 16, 2014 3:47 pm

Re: HMRC Tax Investigations insurance

Postby AGoodman » Tue Apr 06, 2021 5:05 pm

If you employ an accountant to prepare your returns, they will often (I believe) offer insurance to cover the cost of any investigation.

I don't know but suspect there may not be insurers offering insurance to individuals/companies who are unknown to them as they will have no idea what risk they are taking on.

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