|
||
|
30th September 2019, 14:46 | #1 |
This is my second home
75 model car Join Date: Apr 2011
Location: Newcastle upon Tyne
Posts: 20,177
Thanks: 4,008
Thanked 5,083 Times in 3,114 Posts
|
HMRC Tax investigation insurance.
Is it worth it? My accountants keep sending me info regarding this, inviting me to take up the insurance offer to pay their fees in any investigation. I already have part of this cover with my public liability insurer, but obviously they use their own accountant to represent the client, rather than my own. So as per question, is it worth it for about 120 quid a year!
__________________
Cheers. Rich… Last edited by RPWC; 30th September 2019 at 15:50.. |
30th September 2019, 15:12 | #2 | |
This is my second home
4X4 Join Date: Jul 2010
Location: Nairobi
Posts: 20,072
Thanks: 8,286
Thanked 7,017 Times in 4,160 Posts
|
Quote:
|
|
30th September 2019, 15:25 | #3 |
This is my second home
ZT260 #243 (resting) Join Date: May 2010
Location: Prestonpans
Posts: 22,484
Thanks: 650
Thanked 4,624 Times in 3,358 Posts
|
One of my neighbours was (in theory) a painter and decorator, very much an "Arthur Daley" type, into a bit of everything. I remember when the tax man descended on him years ago, huge bill for unpaid income tax. The dust had barely settled when the VAT man knocked on the door
|
30th September 2019, 15:43 | #4 |
This is my second home
75 model car Join Date: Apr 2011
Location: Newcastle upon Tyne
Posts: 20,177
Thanks: 4,008
Thanked 5,083 Times in 3,114 Posts
|
Well I pay HMRC per month, to avoid a huge bill at the end of each year. I have been self employed for 30 years and. touch wood never been investigated. I am always prompt with my books to the accountant and dont claim for every single item spent. I also keep my account for business seperate from the household joint account, so they can see everything I have earned and spent.
__________________
Cheers. Rich… Last edited by RPWC; 30th September 2019 at 15:46.. |
30th September 2019, 15:49 | #5 | |
This is my second home
75 model car Join Date: Apr 2011
Location: Newcastle upon Tyne
Posts: 20,177
Thanks: 4,008
Thanked 5,083 Times in 3,114 Posts
|
Quote:
__________________
Cheers. Rich… |
|
30th September 2019, 15:54 | #6 | |
This is my second home
75 model car Join Date: Apr 2011
Location: Newcastle upon Tyne
Posts: 20,177
Thanks: 4,008
Thanked 5,083 Times in 3,114 Posts
|
Quote:
__________________
Cheers. Rich… |
|
30th September 2019, 16:03 | #7 | |
This is my second home
4X4 Join Date: Jul 2010
Location: Nairobi
Posts: 20,072
Thanks: 8,286
Thanked 7,017 Times in 4,160 Posts
|
Quote:
|
|
30th September 2019, 16:45 | #8 |
Why? ...
MG ZT+ Cdti Auto saloon. Join Date: Jul 2014
Location: Blockeswich, South Staffs
Posts: 1,549
Thanks: 173
Thanked 483 Times in 330 Posts
|
In 25 years as self employed I was looked at only once by the taxman and that was because of a mix up over NIC payments.
The VAT man however is different 4 investigations in that time, and no amount of complaining to the VAT people was worth it. That type of insurance isn't worth it, a good accountant will include problems in their annual fees for you, as you say you still have to find any extra tax/penalties anyway. As my accountant used to say "always pay a bit each year, if your taking from them then they will get interested." |
1st October 2019, 10:21 | #9 |
Gets stuck in
MGZT-T Join Date: Oct 2014
Location: Paignton
Posts: 618
Thanks: 278
Thanked 90 Times in 72 Posts
|
If you plan to buy this, have a look at joining the FSB.
They include this insurance with the membership. Any trustworthy accountant would have told you this. |
1st October 2019, 10:38 | #10 |
This is my second home
75 model car Join Date: Apr 2011
Location: Newcastle upon Tyne
Posts: 20,177
Thanks: 4,008
Thanked 5,083 Times in 3,114 Posts
|
What is the fsb.?
__________________
Cheers. Rich… |
|
|