Visionary Accountants now offer Fee Protection Insurance as a benefit to all of our clients. Our provider is TaxWise – the market leader – and their policy details are listed below.
Taxwise Plus covers
- Corporation Tax and income tax enquires (full and aspect)
- Schedule 36 interventions and inspections
- Informal enquiries commenced by telephone (that require a written response)
- Business Record Checks/Single Compliance Process
- Enquiries into repayment claims
- PAYE/NIC Employer Compliance Visits
- Value Added Tax Compliance Visits
- CIS, IR35 and other status enquiries
- Minimum Wage enquiries
- Inheritance Tax enquiries
- Special Civil Investigations opened under code of practice 8, provided any allegation of fraud is disproved (indemnity limit £5,000)
Additional cover points
- Cover for Tax Returns submitted up to 30 days late.
- Cover for PAYE & VAT Compliance. Visits include:
- A high level check of the records / briefing the client on what to expect, prior to the visit
- Meeting with HMRC on the day of the visit
- Dealing with any correspondence exchanged thereafter
- Cover for more than one attendee at meetings with HMRC (where more than one attendee is required).
- Cover for enquiries into Tax Returns that contain provisional entries (other than fees incurred amending the return).
- Cover for appeals to the Tribunal (where there are grounds to dispute HMRC’s position).
- Cover for an application for Judicial Review (limited to £5,000).
Taxwise Plus does not cover
- Fees incurred specifically in respect of the following:
- Tax Avoidance Schemes;
- Reconstructing books & records that have been poorly maintained (where fees are substantial);
- Significant and deliberate omissions of income from the Tax Return;
- Routine accountancy work (e.g. preparing annual accounts / statutory tax returns). However fees incurred dealing with other elements of the enquiry are covered (subject to the policy terms.)
Source: Taxwise Services Ltd - www.taxwise-online.com