NEW RULES FOR RECORD KEEPING

HMRC recently announced a consulation on their planned programme of checks of business records within the small and medium enterprise (SME) sector. They justify this announcement by explaining that poor business record keeping is responsible for loss in tax of up to £2 million annually. HMRC plans to select cases for a Business Record Check on the basis of risk assessment

A business that the tax office feel is associated with poor record keeping could receive a letter from HMRC explaining that they are in a category at risk of having poor business records. HMRC will be checking the business records of many of those in that category over the coming years.

TAX ENQUIRY INSURANCE

Why have it?

The cost of a tax enquiry can be considerable and in the current climate can put enormous strain on finances. Ardwyn Channon has partnered with one of the most successful and innovative providers of fee protection insurance in the UK, to offer our clients insurance against such enquiries. Clients who are insured can recover accountancy fees against the policy.

What it covers:

The policy will pay the accountancy costs associated with:

  • Self Assessment full enquiries
  • Self Assessment Aspect enquiries
  • VAT Disputes
  • PAYE Disputes
  • IR35 Disputes
  • Intervention Visits

Annual premiums for these policies start from £105 per client. If you are interested in having a policy in place please do not hesitate to contact us and we will complete all of the necessary paperwork and deal with the insurers on your behalf.