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, generative tax AI, and tax research, register for a free trial of Tolley+™
Powered by Tolley+

Popular Articles

Inter-spouse transfer

Inter-spouse transferIntroductionWhen a chargeable asset is transferred between two spouses or civil partners, there is a disposal by the transferor spouse / civil partner and an acquisition by the transferee spouse / civil partner for capital gains tax purposes. For simplicity, spouses and civil

14 Jul 2020 12:01 | Produced by Tolley Read more Read more

Taxation of loan relationships

Taxation of loan relationshipsThe vast majority of companies will have loan relationships and so will need to consider how they are taxed under the loan relationship rules. There are also specific provisions dealing with relevant non-lending relationships and other deemed loan relationships.

14 Jul 2020 13:48 | Produced by Tolley Read more Read more

Exemption ― burial and cremation

Exemption ― burial and cremationThis guidance note provides an overview of the VAT treatment of services that are provided in connection with the burial or cremation of human remains.VAT treatmentThe following services are exempt from VAT:•the disposal of the remains of the dead•making arrangements

14 Jul 2020 11:38 | Produced by Tolley Read more Read more