1st July 2011 sees the start of H M Revenue & Customs’ (HMRC) latest drive to educate businesses and make them compliant in all areas of book and record keeping. HMRC are to carry out 50,000 Business Review Checks a year for the next four years aimed specifically at SME’s. These checks are in addition to the ongoing PAYE & VAT compliance visits.
HMRC have changed focus away from enquiring into accounts and returns after they have been filed to checking real time records backed with a new penalty regime in which you could face a £3,000 maximum penalty.
This HMRC activity is a risk to your business. To protect your business against the essential costs of professional representation involved in any HMRC activity you should consider taking out Tax Fee Protection Insurance if you have not already done so.
If your accountant does not offer you Fee Protection then our market leading Taxwise Plus Policy is available directly via our TaxClub.
Premiums start from just £15 per month and cover professional fees (of either your accountant or our advisers) incurred in dealing with any meeting or written enquiry from HMRC. In addition you will also gain telephone access to our expert tax and VAT consultancy team, where no question is too simple or too complex.
For more details and to join TaxClub please visit our website at www.feeprotectiondirect.com
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July 22 2011