Tax Defence

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FAQs

Tax Defence - Frequently Asked Questions

Can I cover my directors, Partners or Proprietors against investigations into their personal tax?

If you take out cover on behalf of your business, we are able to offer to cover your directors, partners or proprietors against the costs of a dispute involving their personal tax for only £35 each.

You cannot take out this cover unless the business takes out a policy.

Investigations often involve a business and its directors, partners or proprietors so this is an option well worth covering.

This personal tax cover is in respect of PAYE income and benefits-in-kind from the directors, partners or proprietors employment with the insured business but will also extend to ancillary sources of income such as bank interest and dividends.

However, if the directors, partners or proprietors have other sources of income such as self-employed income and income from property, then he/she will need to take out a business premium in his/her own right to ensure that all of the personal Self Assessment Income Tax affairs are adequately covered.

As with all Policies of Insurance there are certain terms and conditions and the main exclusions of the personal tax cover are:

	Existing investigations and disputes at the time the insurance is taken out.
	Fees incurred prior to the written acceptance of a claim.
	"Aspect" Enquiries where the Inspector of Taxes is merely raising a routine enquiry into a part of the Self Assessment Return.
	Claims arising where the annual Returns are submitted "late"; i.e. outside the time parameters set out in Taxes Management Act 1970 and Schedule 18 Finance Act 1998.
	Special Compliance Office and Special Investigation Section.

	Do I really need Tax Defence? What does Tax Defence cover? Can I cover my Directors, Partners or Proprietors against personal investigations? Isn't it more cost effective to take the risk and pay for advice only when I need it? How do I buy the cover?

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Accountancy Insurance Services ia a trading name of IMCG (Europe) Ltd, which is authorised and regulated by the Financial Services Authority.