Tax Enquiry Protection for GP Medical Practices
GP Practices are under scrutiny by HMRC, you should think about taking out cover
HMRC have got GPs in their sights. They consider GP practices to be a high risk area for mistakes, which makes them a good prospect as a target for action.
GP practices are under the spotlight due to the introduction of the ‘Off-payroll’ working rules in 2017, and tax cases restricting business expenses such as the ‘Samadian’ tax case .
Why should I consider insuring against a tax investigation?
We have seen the the increased frequency of tax investigations in this area, and the costs of such an investigation – whether or not you have done anything wrong – can be very high with the professional fees needed to investigate and respond to the HMRC demands.
You should be particularly cautious if you are being paid under a ‘Contractor Loan Scheme’. If you are you should see our Contractor Loan Scheme page for more detail.
We recommend our Tax Enquiry Protection insurance to meet the costs of professional fees which are incurred in any tax investigation.
But I haven’t done anything wrong, so it won’t affect me, will it?
Even if the result is that no extra tax is payable, there will be significant additional costs to meet. Just responding to the HMRC enquiries and making available the information they may demand will cause additional work.
We therefore recommend that all our GP practice clients take up our Tax Enquiry Protection insurance.
If I have insurance, what would happen?
For an annual subscription the insurance will enable us to dedicate as much time as necessary to get the best result for the practice.
If a GP practice has a tax investigation by HMRC then we will deal with the matter from the initial enquiries right through to resolution and ensure that the outcome is as favourable as possible to you.
Protect yourself today
If you would like more details of this insurance please contact us.
