SEARCH, INDEX, UPDATES, CONTENTS, SERVICES, TAX COMPLIANCE, FEE PROTECTION INSURANCE
After
researching the major providers of this type of cover we have chosen to offer TaxSure
from IRPC to our clients. We
have negotiated with IRPC to include cover for aspect enquiries which are
not covered in some policies.
In our opinion TaxSure
offers the best value for money.
Of
particular benefit to business clients is unlimited access to IRPC’s Business Support Helpline.
This valuable option gives access to practical advice from
experienced professionals on many areas including Employment and Personnel,
Payroll, Health and Safety, Landlord and Tenant, Debt Collection, Company
Secretarial, Copyright, Patents, and Contract, Consumer Sales and Company Law. The
helpline offers free advice and support for all businesses covered by the policy.
Please
do not hesitate to contact us if you have any
queries on TaxSure and how it can help your business or give you peace of mind -
remember the
Tax and VAT authorities no longer have to give a reason for opening enquiries
into taxpayers affairs.
Terms and Conditions
The following is a summary of the cover provided. A copy of the master policy, which provides full details of the terms, conditions and limitations of the cover, is available from us on written request. Cover is underwritten by DAS Legal Expenses Insurance Company Limited. IRPC Taxation Services is a division of Croner Consulting Ltd and DAS Legal Expenses Insurance Company Limited are members of the General Insurance Standards Council.
This is a “claims made” insurance. Claims must be received by IRPC in writing during the period of insurance and should normally be made through us. The first policy period commences on 1 December 2003 and covers opening enquiry letters dated 1 December onwards provided we have banked the premium before the date of the letter.
A condition of the policy is that you make a full and frank disclosure of all relevant facts to us at the beginning of any enquiry. The discovery of previously withheld information during an enquiry may render the cover invalid for that enquiry. There must also be reasonable prospects of reducing any alleged liability.
This policy with IRPC Taxation Services provides cover against the costs of protecting your interests during Inland Revenue and Customs and Excise enquiries and disputes. It covers representation costs up to £50,000 should you become involved in any of the following Insured Incidents in Great Britain and Northern Ireland other than Insured Incident 1(c)(i) and (ii) in respect of which the limits are shown below;
| 1. Self Assessment Enquiries and Accounts Investigations | ||||||||||||||
| What is covered? | ||||||||||||||
| (a) a Self Assessment Full Enquiry which will include a request for sight of all books and records by the Inland Revenue; or | ||||||||||||||
| (b) An In Depth Accounts Investigation by the Inland Revenue; or | ||||||||||||||
| (c) a Self Assessment Aspect Enquiry by the Inland Revenue into one or more specific aspects of | ||||||||||||||
| (i) a Self Assessment return other than a Corporation Tax Self Assessment return | ||||||||||||||
| (limit £1800 subject to the exclusion of the first £90 of any claim); or | ||||||||||||||
| (ii) a Corporation Tax Self Assessment return | ||||||||||||||
| (limit £3600 subject to the exclusion of the first £180 of any claim) | ||||||||||||||
| including any consequent hearing before the Commissioners of Inland Revenue and any appeal against the decision of such a hearing | ||||||||||||||
| provided that | ||||||||||||||
| (i) all tax returns are submitted within the statutory time limits unless the Inland Revenue accepts the reason for the delay; | ||||||||||||||
| (ii) in the absence of a tax return, the Inland Revenue has been notified of chargeability to tax within the statutory time limits | ||||||||||||||
| (iii) we submitted the tax return on behalf of our client | ||||||||||||||
| (iv) IRPC give their prior consent to any appeal | ||||||||||||||
| What is not covered? (see also exclusions below) | ||||||||||||||
| (i) Any enquiry or investigation by the Inland Revenue Special Compliance Office | ||||||||||||||
| (ii) The first £90 or £180 of any claim under 1(c)(i) and (ii) above | ||||||||||||||
| 2. Employer Compliance Disputes | ||||||||||||||
| What is covered? | ||||||||||||||
| A dispute with the Inland Revenue or the Contributions Agency concerning compliance with Pay As You Earn or Social Security Regulations. This includes any consequent hearing before the Commissioners of Inland Revenue and any appeal against the decision of such a hearing | ||||||||||||||
| provided that IRPC give their prior consent to any appeal | ||||||||||||||
| What is not covered? (see also exclusions below) | ||||||||||||||
| Any enquiry or investigation by the Inland Revenue Special Compliance Office | ||||||||||||||
| 3. Value Added Tax Disputes | ||||||||||||||
| What is covered? | ||||||||||||||
| A dispute with H M Customs and Excise following their issue of an assessment, written decision or notice of civil penalty relating to Value Added Tax. This includes any consequent HM Customs and Excise VAT Tribunal hearing and any appeal against the decision of such a tribunal | ||||||||||||||
| provided that IRPC give their prior consent to any appeal | ||||||||||||||
| What is not covered? (see also exclusions below) | ||||||||||||||
| (i) Any investigation by HM Customs and Excise National Investigations Service | ||||||||||||||
| (ii) Any investigation carried out under Section 60 of the VAT Act 1994 | ||||||||||||||
| Exclusions | ||||||||||||||
| (i) Claim circumstances which ought to have been known about before you were covered by the policy | ||||||||||||||
| (ii) Criminal prosecutions | ||||||||||||||
| (iii) Taxes, fines, penalties, interest, compensation or damages which you are required to pay | ||||||||||||||
| (iv) The cost of preparing and reconciling accounts, records or statutory returns | ||||||||||||||
| (v) Any VAT on our fees if you are VAT registered and therefore entitled to reclaim the VAT from HM C&E. | ||||||||||||||
| Premiums for the period of cover from 1 December 2003 to 30 November 2004, which include Insurance Premium Tax but are exempt from VAT are as follows - | |||
| Limited Company - subject to audit (including directors but not their spouses) |
£225.00 |
||
| Limited Company - exempt from audit (including directors but not their spouses) |
£175.00 |
||
| Partnership (including all the partners but not their spouses) |
£150.00 |
||
| Sole Trader (including his/her personal tax return) |
£125.00 |
||
| Individual |
£50.00 |
||
| Please note that businesses which have recently converted to a Limited Company will also need cover for the previous type of business until the enquiry window is closed. | |||
All clients will be invited to renew their cover during November 2004, including policies taken out during the course of the policy year to 30 November 2004. Policies taken out during the policy year will be effective from the day after we bank the premium (which will normally be the day of receipt). Such premiums are to be calculated as 1/12 of the relevant annual premium shown above for each policy month or part month to 30 November 2004. For example a partnership which effects a policy on 28 July 2004 will pay (Jul, Aug, Sep, Oct, Nov) 5/12 x £150 = £62.50.
Premiums do not qualify for tax relief, and claims under the policy are not normally taxable.
See also - Self Assessment Enquiries, Good Record Keeping, Search Warrant, Tax Investigations
Reminder - disclaimer applies. Please feedback your comments. This page was last modified 7 November 2003.