½Û×ÓÊÓƵ

Fee protection insurance

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance

Fee protection insurance

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
imgtext

Professional fees insurance

Professional fees insurance has been popular since self-assessment was introduced. Self-assessment heralded the start of the formal enquiry regime, and businesses soon emerged which provided insurance covering the professional fees associated with such enquiries.

At first it was commonplace for policies to cover only full enquiries (a full books and records review), but not enquiries into one or more specific aspects of a tax return. Less common investigative tools, such as Code of Practice 8 investigations (cases where fraud is not suspected but large amounts of tax may be at stake, typically covering avoidance schemes) were not covered.

Nowadays, professional fees insurance is much more sophisticated. Different terms can be discussed with the various providers, but typically some or all of the following types of enquiry might be covered.

Full enquiries

These involve an extensive examination of the tax position of an individual, partnership or company. HMRC will consider all aspects of the self-assessment return and undertake a comprehensive review of all books and records underlying the entries made on the return.

Aspect

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
Powered by

Popular Articles

Group relief for carried-forward losses

Group relief for carried-forward lossesThis guidance note examines in detail the relief available to groups for carried-forward losses. The scope excludes the treatment of specialist businesses such as banks, insurance companies and oil and gas companies.From 1 April 2017, companies can surrender

14 Jul 2020 11:50 | Produced by Tolley Read more Read more

Payment of the remittance basis charge

Payment of the remittance basis chargeRemittance basis chargeThe remittance basis charge is an annual charge payable by ‘long-term’ UK residents for the privilege of claiming the remittance basis.Taxpayers who wish to utilise the remittance basis (but do not qualify for it automatically) must pay

14 Jul 2020 12:52 | Produced by Tolley Read more Read more

Income tax paid on behalf of employee

Income tax paid on behalf of employeeIntroductionEmployers may wish to make payments of employment income to an employee / director without the employee suffering a tax or NIC cost on that pay. In other words, the employer wants to pay an amount net of tax and NIC. In some instances, often with

14 Jul 2020 11:58 | Produced by Tolley in association with Paul Tew Read more Read more