With the increased risk of such investigations it may be worth considering taking out an annual insurance policy to protect you and your business from unexpected costs; an investigation will undoubtedly result in additional accountancy work being undertaken.
The amount of work will depend upon the complexity of the case but the cost could be substantial.
Professional fee protection insurance will provide cover against many of the costs incurred in dealing with an HM Revenue & Customs enquiry. It will not provide cover to pay any additional tax due as agreed with the tax office. If you would like further details of professional fee protection cover please contact us.