Over the past few years, HMRC have implemented a vast amount of new measures, these measures have been introduced to reduce the amount of individuals and businesses not paying enough tax.
If you or your business are subject to tax, HMRC could pay you a visit at any time and inspect your books and records. HMRC have no set criteria on who they choose to inspect, the selection process is made at random allowing them to make an active effort to ensure that anyone can be subject to an inspection. Not being limited to specific types of businesses, any inspection can be a costly endeavour and can take a substantial amount of your time away from servicing your customers. Even minor discrepancies can lead to full-scale audits which can span months.
With spot checks becoming more and more common (it is publicised that 1 in 10 small businesses are currently facing tax inquiries), tax investigations insurance is becoming more and more popular amongst our clients.
At Ledger we offer tax investigations insurance to all of our clients to protect themselves and their assets against any HMRC inspection.
If you would like to know more about this service, please get in touch with Heidi to arrange an appointment to discuss your needs.