Investigation Insurance

[centurian]

Not sure investigation insurance will be much use. As far as I can tell from the Bradbury/SS situation, from the HMRC point of view - money is owed to them. The problem is that your partnership hasn't given the cash to HMRC. Any 'investigation' is pretty much cut and dry in terms of dealing with HMRC

In any event, no insurance policy will cover you for something that you are already aware of at the time you take out the insurance - and it won't take much digging for them to find this out when you submit a claim.

[Jeebo72]

Try QDOS.

+1, but PM me for my name cos they're offering £100 instead of the usual £20 for sign ups!

[jetrimby]

Just a warning a lot of the policies have clauses which only cover accounts and returns which have been filed on time. With Sunday solutions etc I suspect this could be a problem!
The FSB membership also includes some cover as do many trade insurances etc (so worth reading the small print) Finally most accountants are "encouraged" to offer cover for clients so you may be covered by them already, or cover could be taken AND it would the accountants you know already who would deal with the investigation not a large office 100 miles away! But remember my first point you may just be wasting yet more money. Good Luck

[Spacecadet]

Insurance cant be applied retrospectively you know.

As long as there are no on going investigations, the person to be insured has no reason to believe he/she is being investigated and the business as conducted so far fits in with the terms of insurance then there will be insurance to cover you retrospectively for future liabilities.

[Iain-Le-Roi]

Tuliping yourself are we??

Why don't you just tell us what you have done. If we cant help, no insurance can.

Insurance cant be applied retrospectively you know.

PZZ

Thanks for all the responses.. sorry not been online for a few days.

As for what I have done, its not really what I have done but what I unfortunately got involved with. If anyone has seen the Sunday/Bradbury thread on here then they will know why I want to get as much cover as possible and also how I have ended up in the situation. Basically I got involved witha partnership umbrella scheme that was too good to be true, and now they have done some partnership accounts which everyone has issue with and still owe us all our money.

The terrible way they have done business and the fact that HMRC are no doubt aware means I want to cover myself as much as possible so I may even look to get partnership insurance too.

I

[ratewhore]

Following on from what Mal said, once you're in the PCG, Abbey Tax do IR35 insurance which includes any tax and penalties...

Probably doesn't cover dodgy offshore shenanigans though!!

[malvolio]

Join the PCG. £220 for PCGPlus, covers any tax investigation, no questions asked. As for "does it work?", ask Geoff Jones.

Details at www.pcg.org.uk

[pzz76077]

Hi

I want to get insurance that protects me in case of a tax investigation. Has anyone got any advise on this or can reccomend any?

How much would you expect to pay and what features would you want included?

Thanks, Iain

Tuliping yourself are we??

Why don't you just tell us what you have done. If we cant help, no insurance can.

Insurance cant be applied retrospectively you know.

PZZ

[DiscoStu]

Try QDOS.

WHS

[Fred Bloggs]

Try QDOS.

[northernladuk]

I would be interested to know if anyone has ever succesfully claimed on this and what the percentages are. We all know someone who has claimed on house/life/car insurance but never on this so how do we know it's not one big cheat.

You know how devious insurance people can be when it comes to paying out and we have half an idea why they might not on other areas from experience.

I would be very dubious about something like this until someone shows me in black and white that it stands up and is actually worthwhile.

Saying that I don't think I have done anything wrong to need this so even less interested in taking it if that makes sense? If I knew my contracts failed IR35 or was being a bit fly by night with the accounts I might consdier it more

[BolshieBastard]

I've always used http://www.caunceohara.co.uk/.
Costs about £70 a year for £50k of cover.

Never needed to claim so don't know what the service would be like (hope I never have to find out).

That's only prof indemnity though isnt it (at 50k)? Legal Expenses cover is £75. But be warned, the policy only states 'reasonable accountancy costs' will be met by the policy.

They may decide £2k is reasonable but it can cost anything over and above £5k depending on the depth of investigation.

What is not covered
(1) Any insured incident arising from a tax avoidance scheme.
(2) Any insured incident caused by the failure of the policyholder to register for Value Added Tax.
(3) Any insured incident arising from any investigation or enquiries undertaken by HM Revenue &
Customs Special Investigation Section or Special Compliance Office.
(4) Any insured incident arising from any investigation or enquiry by HM Revenue & Customs into
alleged dishonesty or alleged criminal offences.
10

[bellymonster]

I've always used http://www.caunceohara.co.uk/.
Costs about £70 a year for £50k of cover.

Never needed to claim so don't know what the service would be like (hope I never have to find out).

[Iain-Le-Roi]

Hi

I want to get insurance that protects me in case of a tax investigation. Has anyone got any advise on this or can reccomend any?

How much would you expect to pay and what features would you want included?

Thanks, Iain