We as a practise have taken out this scheme to offer cover for clients againsts the costs of HM Revenue & Customs investigations and aspect enquiries.
The reasons why we have taken this option are that anyone who submits a tax return can be randomly selected for an investigation with no reason being given. Furthermore the scheme provides clients with up to £75,000 of professional costs per incidient. So should the tax authorities choose you, you’ll have the peace of mind knowing that taxsafe will provide the professional representation you need at no extra cost.
In addition fee protection services provided by third parties often appoint someone other than ourselves to represent you- someone you don’t know, this could prove expensive. But with Taxwise you’ll be dealing with us someone you know and trust. A key point to consider is that you will be far more likely to avoid paying extra tax or suffer penalities when assisted by the professional representation provided by taxwise.
We would advise clients to take up this scheme because HM Revenue & Customs has announced that it will be carrying out 50,000 business record checks across small and medium sized enterprises in the UK in the near future. The initiative will check records and impose penalties of up to £3,000 for significant record keeping failures. Any business that receives a penalty as a result of a business check are likely to be subject to a full follow up enquiry.
It is clear HM Revenue & Customs see the above real time record checks as a way forward to police small and medium sized businesses. To many these checks may just seem to be a merger of traditional VAT and what were known as PAYE compliance visits with the additional sting of penalties if records do not meet certain standards. The following trades are examples of recent HM Revenue & Customs enquiries: barristers, gas fitters, hospital consultants, recently restaurants and fish and chip shops.
This scheme also allows clients the services of a free business support helpline which covers the following areas:
- Employment and personnel Disciplining an employee Dismissal Gross misconduct
- Health & Safety Reporting an accident Hazardous substances
- Commercial Legal issues Landlord and tenancy Company law Copyright and patent