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tax investigation insurance
Hi,
Im thinking about getting insurance to cover me in case I get investigated by HMRC (I dont expect to, but I like peace of mind!). Is the costs involved in being investigated accountancy costs? In other words, if I dont have or need an accountant whilst being investigated, then the cost of the investigation is minimal - so is it worth me getting this insurance? Im only going to be doing a few jobs this year with no (foreseen) expenses other than petrol, so my account are going to be simple. Or does the HMRC slap some arbitrary fee on you if they do investigate? Thanks.
Im thinking about getting insurance to cover me in case I get investigated by HMRC (I dont expect to, but I like peace of mind!). Is the costs involved in being investigated accountancy costs? In other words, if I dont have or need an accountant whilst being investigated, then the cost of the investigation is minimal - so is it worth me getting this insurance? Im only going to be doing a few jobs this year with no (foreseen) expenses other than petrol, so my account are going to be simple. Or does the HMRC slap some arbitrary fee on you if they do investigate? Thanks.
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Rizzo
Messages count : 51Likes count : 0Registration : 5 November 2006The costs are those to defend yourself in the event of an investigation. So legal assistance and any other costs you incur during that process, not just accountancy fees. There's more here :: Freelance UK - Contact in PM
Rizzo
Messages count : 51Likes count : 0Registration : 5 November 2006Forgot to say you get discounted insurance (professional indemnity/tax investigation) if you're a member of Freelance Alliance Freelance UK - Contact in PM
Janine Forder
Messages count : 4Likes count : 0Registration : 6 May 2008The FSB offer it as part of your membership which is about £130 per yearMy success rides heavily on my approach. I am not a "pushy sales person" but an effective one - and there is a difference. - Contact in PM
dllive
Messages count : 6Likes count : 0Registration : 27 August 2009thanks guys, thats exactly the info I was after.