HMRC – the threat is real

    With 46% of HMRC staff dedicated to raising an additional record-breaking £28.9bn in tax revenue last year, compliance activity has become one of the biggest on-going threats facing SMEs.

    Since numerous task forces were recently set-up to target businesses in geographical regions across the UK, companies and individuals can be selected for a tax investigation at any time, potentially costing them thousands of pounds. Even a routine check can incur over £10,000 of professional fees with detailed investigations costing anything up to £100,000.

    What does this mean?

    Rather perversely, compared to a court of law when someone is innocent until proven guilty, inspectors work on the basis that there must be errors in the accounts declared on the tax return and it is up to the business owner or individual taxpayer to prove their innocence.

    This confrontational approach often leads to longer tax investigations, drawn out technical arguments and difficulty trying to obtain payment for the full amount of time spent representing the client.

    The solution

    Instead, a straightforward but proven solution is available that protects practices from the negative and costly ramifications of HMRC’s offensive.

    It is called Fee Protection Insurance and Abbey Tax already has over 2,500 accountancy clients protecting their profits by investing in it.

    You don’t have to concede to HMRC demands on commercial grounds and by protecting your professional expenses with Abbey Tax, you’ll benefit from limited access to a FREE Tax and VAT Advice Line. Plus, you and your business clients can also make use of a complimentary Business Legal Helpline.

    For more information and peace of mind, contact sales@abbeytax.co.uk or call 0345 223 2727.

    Abbey Tax is one of the UK’s leading providers of Fee Protection Insurance. It is also the country’s largest independent tax consultancy and a division of Markel Corporation – a Fortune 500 organisation and an A-rated holding company for insurance, reinsurance and investment operations around the world.