Tax Investigation Insurance - Taxwise Plus (also known as Fee Protection Insurance)
Professional Cover Against the Threat of Costly TAX & VAT Investigations Now with one simple level of cover for business's and private individuals
What is TAXWISE PLUS?
TAXWISE PLUS is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full or aspect enquiry or dispute. The Policy has been designed to combat the costs and inequities of undergoing the ever-increasing number of HM Revenue & Customs random investigations. In Addition, the policy has been developed to cover the new HMRC powers and the advent of interventions.
What is Covered by the PolicyThe cover provides representation costs by registered accounting practices on your behalf, for up to £75,000 in any one claim, arising from:
- Income Tax Self Assessment full enquiries*
- Income Tax Self Assessment aspect enquiries
- Corporation Tax Self Assessment full enquiries
- Corporation Tax Self Assessment aspect enquiries
- H M Revenue & Customs VAT disputes
- Employer compliance disputes PAYE/ P11D/ NIC
- IR35 disputes
- Now covers business's with an annual turnover of up to £10 million
- Fees incurred by your accountant attending meetings with H M Revenue & Customs (HMRC) or responding to correspondence from HMRC when you are subject to an HMRC check, enquiry, visit, meeting or dispute.
- Includes professional fees incurred in respect of local review of the enquiry and preparation and representation at an appeal to a First-tier Tribunal or Upper Tribunal.
POLICY NOW INCLUDES FREE ACCESS TO OUR TELEPHONE TAX & VAT HELPLINE WHICH OPERATES FROM 9AM TO 5PM MONDAY TO FRIDAY. THEY ARE THERE TO ASSIST YOU WITH ANY QUESTIONS OR CONCERNS YOU MAY HAVE WITH TAX OR VAT ISSUES
The premiums shown start at an accountants hourly charge out rate of £150.00 per hour and go up to £300 per hour. Please click your status and then you will be asked your accountants hourly charge out rate to obtain correct premium.
What is Aspect Cover?
Aspect Enquiries - An enquiry by the HMRC into your self-assessment return which is limited to one or more specific aspects of your business and or self-assessment return following the issue or a notice under Section 9A or Section 12AC of the Taxes Management Act 1970 or Schedule 18, paragraph 24 of the Finance Act 1998.
If you are not a business but still have concerns about your self assessment return you can still buy this VALUABLE protection, the costs are shown below:
INDIVIDUAL SELF ASSESSMENT COSTS (EMPLOYED PAYE)
- Full Enquiry with Aspect Cover and Compliance & Intervention Cover per person £92.35 p/a (if you require this cover then click on the link below.)
Taxwise Support
- Unlimited access to qualified specialist Tax and VAT advisers for your Accountants whilst dealing with a claim.
- Immediate telephone authorisation up to £750 on urgent claims.
- A fast, efficient and flexible claims procedure.
- The supply of all necessary regulated / FSA approved Key Facts documents and Policy Schedules.
Main Taxwise exclusions are;
- Pre existing enquiries or disputes
- The defence of criminal prosecutions
- Investigations carried out by the Serious Civil Investigations Office
- Investigations carried out under section 60 of the VAT act 1994 (what's this?)
- Costs incurred without consent
- A record review stage of HMRC meeting
Notes
- Premiums are Annual Premiums.
- Premiums are inclusive of 5% IPT.
- Premiums and IPT are due in full in advance / at commencement of scheme.
- There is a NIL excess on all policies.
- Our cancellation terms are pro rata returns if policy not required mid term (assuming no claim on policy)
The cost for an annual policy is as follows:
