Here at GMAMS we have an arrangement with Abbey Tax Protection to provide our clients with insurance cover against professional costs incurred on a tax investigation conducted by H M Revenue & Customs.

Typical tax enquires take 12 months to settle and cost upwards of £3,000 in professional fees. 

 

Over the past two years, there has been a staggering increase in the number of investigations being conducted by HM Revenue & Customs (HMRC). 

 

Although many personal taxpayers choose to believe they are not at risk, leading tax investigations experts Abbey Tax Protection have recently seen a 40% increase in the number of tax enquiries so this is a matter that requires immediate attention. 

 

Combined with this dramatic increase in investigations, Tax Inspectors have become far more aggressive in their pursuit of additional tax. Furthermore, HMRC is committed to raising an additional £7 billion a year from compliance by 2014/15.

 

Anyone who submits a Tax Return is at risk. Despite the fact that you may have done nothing wrong, nor done anything to warrant an investigation, HMRC could still target you. 

 

Some nine million taxpayers submit a personal Self Assessment Return and every Return is a potential target for investigation. HMRC regularly selects individuals for enquiry based on its view that they have 'the means to pay'. Typical enquiries are into rental income, bank interest, investments and potential capital gains. 

 

 

Innocent until proven guilty is not a principle HMRC practices

 

 

Undergoing a tax enquiry is extremely stressful and, unless you have professional representation, you are at risk of stumbling into the technical pitfalls that only an expert can avoid. 

 

Even if the Revenue finds your tax affairs in order, you will still be left with a hefty bill to cover your professional defence costs.