Tax investigation. Have you experienced one? Were you insured and was it worth the premium?

[SteveSt]

We've been goimg three years now. Didn't renew our membership of the FSB beyond our first year.
Why? Because at the time, I didn't feel the membership was worth it. But now beginning to wonder, particularly in the light of the mess HMRC is in, whether continuing the insurance wouldn't be a bad idea. (whether or not thru the FSB)
If you were insured, did your insurance company meet your expectations?
Or, if you are using the services of an accountant and they had subscribed to Croner i or than like, did that take the stress away?

 

[Frank the Insurance guy]

Hi @SteveSt, do you buy Business Insurance?

Many business insurance policies include (or can be added for a modest fee) Legal advice/expenses - this includes Tax Investigation costs as well as HR and employment advice etc.

You will find there is a lot of cross-over between what your business insurance provides and the legal/tax insurance provided by FSB.

Check your business insurance policy, as you may already have the insurance cover!

Having insurance doesn't necessarily take the stress away, as a tax investigation may take quite a bit of your time - however, at least you wouldn't need to find the funds for the additional unexpected costs!

 

[MyAccountantOnline]

Hi @SteveSt, do you buy Business Insurance?

Many business insurance policies include (or can be added for a modest fee) Legal advice/expenses - this includes Tax Investigation costs as well as HR and employment advice etc.

...

If you do this - do check if they cover your own accountants fees. Many I've seen dont. Even if you use a tax advisor provided by the insurance cover to deal with the Enquiry they will require information from your accountant.

 

[Gecko001]

Insurance usually only pays out for things that cannot be predicted. So if the insurance company for example, finds out that your tax affairs were in a mess, and you knew that at the time you took out the insurance, it would have been predictable that you would get a tax investigation. I am not saying that your tax affairs are in a mess by the way!