Fee Protection Insurance
fee protection tax investigations service
Traditionally, tax investigations are a stressful time. They are intrusive and perhaps worse for businesses if not for individuals as they are expensive. Finding the documents requested to comply with HMRC and then submitting them can take many hours. Time is precious for small businesses and that all comes out of your bottom line. And that’s not even the end of it; follow ups, meetings, talking to inspectors. It takes a long time. It costs a lot of money (typically upwards of £2,000).
Tax Investigation Service
HMRC Tax Investigations
But that’s not all. HMRC has recently stated that its main objective for this year is to collect more money from investigations. The target for 2017 is £27 billion, and to do that. This involves almost half of HMRC’s workforce is dedicated to this particular arm of investigation. That’s more officers investigating businesses than ever before.
In order to make investigations smoother, HMRC has invested in an Enterprise Data Hub. (EDH) So that all of the information gathered can be in one place. Rather than the 11 separate warehouses in which data was stored before. It’s no wonder that there are more investigations happening now.