Peace of mind with HMRC tax enquiries
EVEN if you’ve done nothing wrong, tax enquiries can be costly, time-consuming and stressful, especially when you’re trying to run your business.
That’s why the Federation of Small Businesses is protecting members with free tax investigation insurance.
While there is no way to safeguard against tax enquiry, you can take some steps to minimise your risk.
You should make sure you submit your tax returns on time – don’t leave it until the last minute!
Keep accurate records, declare everything and try to explain any changes before the questions is asked. Being organised can also help to identify any potential taxation issues before they become a problem.
You should consider including the possibility of an investigation in your Business Continuity Plan.
Lastly, tax enquiry insurance can help to cover the fees and lessen the financial blow, as well as acting as a buffer between you and HMRC, allowing you to focus on your business during the enquiry.
With furlough and IR35 investigations on the rise,
FSB members have access to a team of experienced professionals at FSB Tax Investigation Protection, including former tax inspectors, to represent you during certain HMRC enquiries into your business. FSB Tax Investigation Protection is just one of the many valuable benefits of FSB membership.
With 24/7 legal support, financial expertise, vital business services, local support and networking events, discover why thousands of small businesses and the self-employed join us every month.
To find out more or to join FSB, please contact the local membership advisor, Emma Weatherstone, on 07764 432489 or via emma. weatherstone@fsb.org.uk