Tax Fee Protection insurance policy
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Introduction
We are providing a summary of the main provisions of the Tax Fee Protection insurance policy.
Type of insurance and cover provided
Tax Fee Protection insurance offers protection for costs of defence in tax matters as listed below:
THIS POLICY WILL COVER:
Professional fees incurred in respect of:
- Corporation Tax and Income Tax full or aspect inquiries
- PAYE/NIC compliance checks from the outset and disputes with HMRC following such checks
- IR35/Employment Status/CIS inquiries and disputes
- VAT compliance checks from the outset and disputes with HMRC following such checks
- Inquiries under Section 60 or 61 of the VAT Act 1994, provided that at the culmination of such investigation it is proved that the policy holder was not found guilty of dishonesty, fraud or fraudulent intent
- Business record checks, inspections and interventions under HMRC’s Information & Inspection Powers at Schedule 36 FA 2008
- Up to £250 of costs relating to an informal request for information by HMRC, by telephone or other means
- Inheritance tax/ Probate return inquiries
- Stamp Duty and Stamp Duty Land Tax Inquiries
- National Minimum Wage / National Living Wage inquiries
- Child tax credit inquiries
- Student Loan inquiries
- Gift Aid inquiries
- Auto enrolment return inquiries where the Policyholder has been engaged to complete the appropriate reporting statements and declarations
- Code of Practice 8 investigations, provided that at the culmination of such investigation it is proved that the policyholder was not found guilty of dishonesty, fraud or fraudulent intent
- Applications for judicial review, subject to Vantage Fee Protect consent
This policy will not cover:
The insurer will not be liable for any fees or costs:
- Incurred prior to the acceptance of a claim by Vantage Fee Protect
- In respect of any work undertaken prior to receipt of notification of inquiry by HMRC
- In respect of any claim arising from or relating to a circumstance that occurred prior to or existed at the inception of this Policy
- Costs relating to time spent during a review of the business or other financial records by HMRC, unless this has been authorised in advance by Vantage Fee Protect
- Relating to a criminal prosecution or an inquiry conducted by HMRC under the Civil Investigation of Fraud procedure (Code of Practice 9)Relating to a criminal prosecution or an inquiry conducted by HMRC under the Civil Investigation of Fraud procedure (Code of Practice 9)
- Relating to any claim arising from an inquiry into a tax return that was not submitted within 90 days following expiry of the statutory time limits
- In respect of work that should be routinely undertaken by the appointed consultant at the policyholder’s expense
- In respect of any claim made, brought or commenced outside the territorial limits
- Where a claim has not been notified within the period of insurance or notified within the notification period
- Any taxes, interest, penalties and fines or any other duties
- In any claim where the policyholder has adopted a tax avoidance scheme
- Incurred as a result of professional negligence
Get Tax Protection today !!
“HMRC activity is expected to increase in the coming months and years as they look to generate more tax to help fund the enormous spend in respect of the Covid-19 pandemic and the energy price freeze. Purchasing our Tax Fee Protection means that if you are subject to an inquiry by HMRC our fees are one less thing for you to worry about. We can defend you for as long as it takes to achieve the right result.”
Director, Luxudor
Want to know more?
If you have any questions relating to our Tax Fee Protection then fill out the form & don’t hesitate to contact us.
0800 5053227
Tax Fee Protection Service
