What Are the Advantages of Having Insurance Against Tax Investigations?

HMRC investigations are expensive and often take months to complete. If you are involved in one, you will want to ensure that you protect yourself against any potential financial losses or damages. Tax investigation insurance policies provide cover for such situations. These policies pay out up to £10 million per claim, so it pays to shop around to find the best deal.

What is HMRC investigation insurance?

HMRC investigations are conducted by the UK Revenue & Customs (HMRC). These investigations cover many areas including tax evasion, money laundering, corporate crime and fraud. If you are under suspicion of committing one of these crimes, it could mean losing everything – your home, savings, car and even your job.

Investigation insurance protects you against civil penalties, fines, imprisonment, loss of employment and reputation damage.

The insurance policy provides legal representation and advice during the investigation. You can choose whether you want to receive free legal assistance or hire your own specialist solicitor.

You can purchase investigation insurance online via our comparison site. We compare over 40 different insurers and find the best deal for you.

How does it work?

Premium Insurance Services provides insurance solutions for businesses and individuals. Our team of experts helps you find the best coverage for your needs. We offer competitive rates and flexible payment options.

We understand how important it is to keep your employees safe while protecting your assets. That’s why we make sure our policies cover both physical damage and liability.

Our goal is to help you protect what matters most to you.

Main policy benefits:

– “Your adviser will help you to understand what HMRC wants to do.”

– “You’ll be able to challenge HMRC decisions.”

– “HMRC will respect your privacy.”

– “You won’t be forced to make payments.”

– “If you’re successful, you won’t have to pay penalties.”

– “You can appeal HMRC decisions.”

A real-life case study

In July 2016, I received a call from a friend who had been contacted by his accountant about an issue regarding a client of his. He told me he thought it best to speak to someone else before making a decision. I suggested we meet up and discuss the situation. We met at my office where I asked him what happened. My friend explained that the accountant called him out of the blue and wanted to know why he hadn’t filed a VAT return for one of his clients. This wasn’t unusual; most people are surprised when an accountant calls them out of the blue asking questions like this. However, my friend did mention that the client was a well known celebrity and that the accountant didn’t seem too concerned about the fact that the client hadn’t filed a return. As soon as my friend mentioned the name of the person involved, the accountant became very agitated and hung up.

My friend was shocked and worried because he knew something was wrong. He’d never heard of the accountant being so aggressive towards anyone. He immediately called the accountant back and asked exactly how much it would cost to

Work with Stride

Stride Insurance Company is a leading provider of comprehensive personal lines insurance solutions. Our team of experienced agents and brokers are committed to providing our clients with exceptional customer service. Whether you’re looking for auto, home, life, health, or commercial coverage, we provide customized solutions to fit your needs.

Frequently Asked Questions

How far back can the HMRC look?

HM Revenue & Customs (HMRC) has been investigating whether it can go back further into taxpayers’ records than originally thought. In a recent case where HMRC discovered a mistake in the data held by one of its companies, it was found that due to an oversight, HMRC could trace the taxpayer’s earnings back six years. This meant that HMRC had the ability to impose a penalty on the taxpayer based on his previous tax returns. However, HMRC does not have the same power when it comes to deliberate errors. If HMRC discovers a deliberate error within its records, it can go back up to 20 years.

What are the pros of having insurance for a tax investigation?

HM Revenue & Customs (HMRC) is due to start an investigation into one of your businesses. What happens next? If you don’t have tax investigation insurance, there could be serious consequences – including fines and penalties, interest charges, and even jail time.

Find out what tax investigations mean for your business, how much coverage you might need, and whether you qualify for free cover.

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