Ignorance is not a Defence
Ahead of the budget on the 29th October, there has been advanced warning that the Chancellor is planning a crackdown on the “synthetic self employed.”
That coupled with rumours that HMRC is taking a harder stance on the application of penalties during enquiries and there may be reason to undertake a business review to ensure you are in line with current regulations.
This is important as a person cannot simply escape liability by claiming complete ignorance where the person clearly knew that he should have taken steps to ascertain the position.
It is HMRC’s assertion in this and similar cases that they ‘should have known’, their actions are deliberate due to plentiful information available in HMRC’s manuals that clearly states the correct tax position.
Working with your accountant to review your business will help to reduce exposure but to have complete peace of mind it makes sense to have tax investigation insurance cover in place.
In partnership with Croner Taxwise we can offer a policy that offers the following:
£100,000 indemnity with no excess for:
Any compliance check, visit (regardless of whether a dispute has yet arisen) or investigation started by HMRC regarding compliance with:
- Corporation Tax Self-Assessment
- Income Tax Self-Assessment
- National Insurance
- Construction Industry Scheme
- National Minimum Wage
- Gift Aid legislation and regulations
- VAT visits
- Employer Compliance visits
- Check of employer records
- Requests for information
- Capital Gains Tax
- Any HMRC use of pre-dispute information and inspection powers under schedule 36
* This is a policy overview, we will put you in touch with a PDM for further details and a copy of the Policy Wording.
For more information call 01303 230453 or email