Tax Investigation Insurance
Key Facts Summary of Cover
Fee Protect is an insurance policy that pays an agreed accountant’s fees when needed to defend an investigation, dispute or an enquiry from HM Revenue & Customs up to a maximum of £100,000 in any one year following the events described below:
- A formally notified aspect or full enquiry (including subsequent appeal proceedings) into your tax affairs or into the personal tax affairs of your directors and/or partners
- A dispute about your compliance with regulations relating to:
- Value Added Tax
- Pay As You Earn
- Social Security
- National Insurance Contributions
- Construction Industry Scheme
- Attending and representing you at any HMRC compliance check visit including any request for information or documents following an information notice (where cover has not already been granted under 1) and 2) above)
- An enquiry (including subsequent appeal proceedings) into your tax affairs or into the personal tax affairs of your directors and/or partners arising from an alleged discovery by HMRC.
- All returns are completed and submitted within the statutory time scales permitted
- You keep proper records in accordance with statutory requirements
- In respect of a claim under 3) above the most the Insurer will pay is £1,000
- In respect of any appealable matter you have requested an Internal Review from HMRC where available
- Professional fees preparing analysis and reconciliations that would have been expected to have been done during the normal course of accounts preparation
- Costs and expenses relating to a compliance check or information notice other than where they have been incurred in the course of a claim accepted under 1) to 4) above
- Any costs and expenses incurred before we accept a claim
- Claims circumstances we or you ought to have know about before you are covered by the policy
- Investigations by the Special Investigations Office or under the Civil Investigation of Fraud Procedure
- Tax avoidance schemes
- Any criminal prosecution
This is a brief summary of the cover available; a copy of the full policy wording including all terms, conditions and limitations of cover is available on request.
IMPORTANT- The underwriter must pre-approve all claims prior to your accountant commencing any work . In the event of notification from HMRC, please follow the claim procedure as specified in the policy document. Failure to do so may result in some of your accountants fees not being paid
Fee Protect is arranged by Straight Solutions Ltd, who are an independent, authorised and regulated insurance intermediary (FCA 315448).
Straight Solutions Ltd, The Lime Loft, Priestlands Lane, Sherborne, Dorset DT9 4HL.