Since the introduction of self-assessment, random audits now take place regularly. It was reported in 2016 that the HMRC collected £524.6m by targeting random industries through its investigations. With Making Tax Digital being implemented from April 2019 and the new radical innovational changes the HMRC will be introducing to the British tax system, we are expecting an increase in random investigations being made and highly recommend this service to all of our clients.
When you subscribe to our Tax Investigation Service, we are able to make a claim against our insurance policy held in respect of our fees incurred when we defend a client who is subject to either a full enquiry, an aspect enquiry, a VAT dispute or a PAYE and NIC dispute. You may or may not be aware that the accountancy charges for an HMRC investigation increases to currently £250 plus VAT per hour.
In the case of a limited company, the work includes dealing with investigation work into the company itself, together with the personal tax affairs of the key directors where those directors are also major shareholders. In relation to partnerships, the work covers the affairs of the individual partners and their share of the cost to the partnership.
If you are not covered by our service and would like the peace of mind in knowing that, if you were to be investigated, you would incur no further accountancy costs, please contact Danielle Pottinger on 020 8370 7746 or e-mail firstname.lastname@example.org and she will be happy to provide you with further details.
Ramsay Brown TIS website: http://ramsaybrown.pfpaccountants.co.uk/