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Old 1st October 2019, 12:06   #11
Nick Greg
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FSB - Federation of Small Businesses
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Old 1st October 2019, 13:09   #12
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Federation of Small Business.
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Old 1st October 2019, 13:13   #13
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Yes - the Federation of Small Business - worth every penny of Membership.

We had a tax investigation because the HMRC got it into their heads that the rental income received should have been entered on the tax return as personal income not partnership income.

Myself and our accountant let them progress this for a while then proved we had been right all along and they had been wrong. They then tried to apply a nominal charge of £400 for “incorrect completion of a tax return”. - And this is where I SERIOUSLY saw the value of the Subject Access Request via the Data Protection Act.

We submitted one to HMRC asking for the specific reasoning and evidence as to WHY they felt the tax return was incorrect and before we knew what had happened our case was referred to their complaints dept and we got a letter saying that the charge had been dropped.

We still insisted on the copy documents requested via the SAR and within the (then) 40 days we got it. And it was clear it seemed to be justified by them on the basis of their time spent rather than any actual guilt.

My accountant said that a lot of people pay up simply so as not to “offend” them and to hopefully draw a line under any investigation.

Another case was an Inland Revenue guy - pre HMRC - who got it into his head that a Pharmacist friend and colleague of ours could not have the claimed tax relief on his old style S226 Pension because he was a member of the NHS Pension Scheme.

But the two jobs were totally separate employments - the NHS was Sched E and he also did Self employed Sched D work as a locum pharmacist for which he was perfectly entitled to pension via a S226 Retirement Annuity plan.

But the Taxman was having none of it! - the correspondence was arrogant and rude.

Until a formal complaint went in and the case was reviewed - a full apology was given.

That was some years ago and I have seen nothing like that since - but they do make mistakes and it is best to be prepared and protected.

I think your accountant is simply covering his backside because if you do get investigated then it is likely to be him/her who gets “shot at” by the all sides.

His get out will be “well I recommended investigation cover! - you decided not to accept my recommendations.”

You pays your money - you takes your choice........
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Old 1st October 2019, 23:20   #14
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FSB charge 177 per year
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Old 2nd October 2019, 06:15   #15
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FSB charge 177 per year
True - but for that you get a whole raft of benefits of which help with a possible tax investigation is just one.

And on top of that you are part of an organisation that gives a powerful voice to the “small business”.

It’s like all insurance - never have an accident, illness or tax investigation and the respective insurances would have been a total waste of money.

But have just one can seriously spoil your day - or possibly your year!

Genuine case - two friends of ours - one a policeman and one a civil engineer. The civil engineer rejected critical illness cover on his mortgage having worked out the probability of having to claim.

The policeman took it out on the advice of the adviser recommended by his Police Federation.

Both wives developed breast cancer over the years. The Policeman’s wife made a full recovery and they paid their mortgage off and she took nearly a year off work

The civil engineers wife could not work and they went down to one income and they struggled - not least because he worked away on various projects leaving a sick wife at home with kids to look after.

It really is down to playing the odds and how lucky you are.
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Old 2nd October 2019, 07:48   #16
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I have tax investigation cover with my public liability insurance.
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Old 2nd October 2019, 09:32   #17
Darcydog
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I have tax investigation cover with my public liability insurance.
Excellent! That’s got me wondering if my sons Public Liability Insurance covers him for this? - I’ve never checked what “bolt on benefits” are provided within the policy.
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Old 2nd October 2019, 17:44   #18
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Only trouble is Iwould have to use an accountant provid d by the insurance company, not my own.
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Old 2nd October 2019, 18:16   #19
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Only trouble is Iwould have to use an accountant provid d by the insurance company, not my own.
Hmmmm.... not sure I like the sound of that. Too similar to biased insurance assessors valuing our cars for my liking.
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Old 4th October 2019, 06:18   #20
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Plus one for FSB membership. IIRC membership can be for the company or personal, depending on your needs.
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