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Don't miss out on HMRC inspection insurance through Equity‏

3 October 2012

Don’t miss out on the opportunity to sign up for insurance to cover you in the event of an HMRC inspection of your accounts. The cover, provided by Abbey Tax Protection, will reimburse the costs of professional representation from an Abbey Tax consultant in the event of an HMRC enquiry or dispute over your accounts.

This policy has been devised to be an extra benefit for Equity members. The cover will reimburse the costs of professional representation from an Abbey Tax consultant, up to a maximum of £75,000, in the event of a Revenue Authority enquiry or dispute over your accounts. Annual rates, inclusive of Insurance Premum Tax, are £59 for an individual or £75 if you operate as a limited company.

On this page we answer some of your questions about this policy.

How much does it cost?

£59 for a sole trader; £75 for a limited company. 

If I make a claim, what level of cover do I get?

There are two limits of liability dependent on the type of enquiry or dispute.

1.   A Limit of liability of £75,000 will apply to:

  • Income and Corporation Tax full enquiries
  • Employer compliance (PAYE/P11D/NIC)
  • Disputes
  • IR35 disputes
  • VAT disputes

 2.   A Limit of liability of £2,500 will apply to:

  • Aspect enquiries
  • Sch36 Pre-Dispute Cover, which includes all compliance visits, interventions and business records checks.

Will the insurance allow me to engage my own accountant to give me professional representation for an HMRC enquiry or dispute?

No.  Abbey Tax’s consultants undertake the enquiry work. All the investigations specialists are ex-HMRC. If HMRC raises an enquiry, Abbey Tax obtains your authority to deal with it, gets such information that may be required from you and your accountant (if there is one) and responds to HMRC accordingly.

Who are Abbey Tax Protection?Abbey Tax is the largest independent tax investigations consultancy in the UK, dealing with around 500 tax investigations per year, handling in excess of 2,000 tax investigation claims and providing investigations advice to more than 5,000 accountancy practices and in total several hundred thousand members of various trade associations and federations.

How do I apply?Contact Abbey Tax on 0845 223 2727. Pay by card, direct debit or cheque.

Full details of the cover can be viewed at www.firstact.co.uk

 

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