What Happens when the inspector calls?
TAKING ACTION
How to reduce your risk of an enquiry
- Inform us of the reason for fluctuations in your income or business expenses e.g. lower gross profit margin, or significant family inheritance so that we can advise the Revenue at the time of submitting your Return.
- Inform us of any changes to your circumstances, no matter how trivial they may seem, such as buying a second property.
- Keep evidence of any income into your personal or business bank accounts that is not from a taxable source e.g. a gift from a family member, proceeds from gambling or sale of a car, so that you can prove the source.
- If you are in business or have rental income you must keep your bank statements and records for 5 years after the filing date of that Tax Return. We recommend you also keep personal records for this period, these may be required should you have an enquiry.
- The more detail you can give now will save time, fees and tax in the future should you have an enquiry.
What THR can do to help
If you are covered by fee protection insurance we can:
- Act on your behalf at no expense to you*.
- Spend the required amount of time to prepare your case and represent you without you having to worry about the cost.
- Dedicate the resources necessary to present your case.
- Dedicate the time for essential research to improve the outcome.
- Follow the investigation from start to finish in a professional manner.
Why consider Fee Protection Insurance?
- Not surprisingly, the average cost of defending clients during an investigation has increased substantially over the years.
- Fee protection insurance over a ten-year period would amount to less than half the cost of an average single investigation. Is it really worth the risk?
- Fee protection insurance also provides a 24-hour free legal advice line covering Commercial and Employment Law and Health and Safety.
- Without this insurance you will be responsible for all of the professional costs incurred.
- We strongly suggest you consider taking out Fee Protection insurance. Contact THR on 01772 907070 for further information.
*Please note you will be required to pay the VAT on the enquiry fees.