At some stage, as part of HMRC’s routine procedures, it is likely you will be subject to a tax enquiry. These are usually at random regardless of the fact you may believe you are fully compliant. Many of the clients for whom we act have no, or minimal, tax payable as a result of an enquiry, however they incur significant accountancy costs which cannot be recouped.
A way of protecting yourself against these additional costs is by subscribing to our fee protection service. At GCSD Accountants we can provide the ultimate in comprehensive cover for only a nominal annual fee.
This service has saved our clients thousands of pounds over the years. A prime example of this was an antiques dealer who was falsely accused by HMRC of under declaring VAT by £120,000. After an agonising 2 years of negotiation with HMRC, and accountancy fees in excess of £7,000, the enquiry was closed without a penny of tax payable by our client. Fortunately, our client had sensibly subscribed to our service so these costs were avoided. This is but one of many such cases where, without our fees being underwritten, the client would have been forced into a ‘negotiated settlement’ with HMRC just to avoid additional costs. HMRC rely strongly on this tactic to close enquiries and gain a tax take.
If you would like to sign up to this service or find out more, then please contact us.