Investigation Insurance

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The most expensive thing someone can be is unprepared. An HMRC tax investigation can prove to be an expensive and drawn-out process, and it becomes even more stressful if you are not protected properly.

Enquiries can be triggered for any number of reasons, such as a late or inaccurate tax return, discrepancies like significant changes in income, or one can even be selected at random. The authority has conducted enquiries into high net worth individuals, SMEs, large businesses, and even unassuming personal accounts. These investigations are nerve-wracking, and can result in home visits, office visits, and information from third parties, as well as heavy fees.

HMRC’s compliance and enforcement activities yielded £34 billion for 2021-2022, up 10% compared to the previous fiscal year. In the same year, its random enquiry programme determined that 25% of investigated SMEs were non-compliant. The authority attributed similar non-compliant status to other categories of tax, including R&D relief, corporation tax, and more.

These tax schemes can be complex and difficult to navigate, but even an unintentional error on the taxpayer’s side can result in 30% extra on tax due, alongside the cost, time loss, and stress of the investigation itself.

Getting coverage from such investigations can provide peace of mind, and a lifeline when your company needs it. It is a simple way to save yourself months of enquiry and large settlements. As the type of insurance you need can vary based on the nature of your business, BSO-FT has partnered with different insurers to offer its clients the most compatible and cost-effective choice for coverage.

As an added bonus, referred clients may be eligible for perks such as discounts, fast-tracked applications, and more.

Take out a few minutes to fill the form below, so we can understand the scope and size of your business. Our team will review your case, and recommend an insurance service based on your unique needs.