HMRC Tax Enquiry insurance?

[Wozza]

Our accountants are offering 'insurance' to cover all their costs in the event of a full enquiry into our company's tax affairs by HMRC.

They have quoted £250 for a years cover which I am quite tempted by.

Are there any obvious trigger points for HMRC enquiries? We've been trading for over years now, t/o this year will be approx £4 million. 10 staff. Very straight accounts - nothing 'funny' which should trigger any interest from HMRC

Do these enquiries happen as often as my accountant is making out they do or should i save my £250?

Thanks for any advice or experiences...

Cheers, Marc

[HRG]

ISTR that's included in the FSB membership package.

[groomi]

HRG said:

ISTR that's included in the FSB membership package.

Yep. Much better value.

[insurance_jon]

I've always queried this with our accountants as they don't have it underwritten so how can it be insurance, it's more of a guranteed earner for them.

[ginettag27]

The PCG used to offer it and the company that used to offer the PCGs insurance (I forget which one that is..)

[Eric Mc]

I've never been convinced of the value of this.

[Tyre Smoke]

HRG said:

ISTR that's included in the FSB membership package.

It is?

Whereabout would I find that then?

[HRG]

Tyre Smoke said:

HRG said:

ISTR that's included in the FSB membership package.

It is?

Whereabout would I find that then?

One of us is going to have to read our paperwork... And it isn't going to be me

[Steve H]

you dont say what industry you are in but I would imagine your insurance policy for your business would/could include this. If it is a commercial combined or package policy most insurers give some cover for tax investigation expenses

[groomi]

HRG said:

Tyre Smoke said:

HRG said:

ISTR that's included in the FSB membership package.

It is?

Whereabout would I find that then?

One of us is going to have to read our paperwork... And it isn't going to be me

Errr... mine is in the other office.

[HRG]

groomi said:

HRG said:

Tyre Smoke said:

HRG said:

ISTR that's included in the FSB membership package.

It is?

Whereabout would I find that then?

One of us is going to have to read our paperwork... And it isn't going to be me

Errr... mine is in the other office.

I vote TS does it then

[groomi]

Seconded. Motion carried.

[Tyre Smoke]

Okay, I did it. And yes you're right it is included.

Here: http://www.fsb.org.uk/default.aspx?id=5&loc=in...

[HRG]

[Wozza]

Many thanks for all your input guys

I'll check the current insurance and join FSB anyway....

Cheers, Marc