[HampshireWindowCleaning]

I got the taxwise insurance last year on the recommendation of my accountant, think it was about £160. Just wondered how many others bother with it or if anyone has ever needed it.

[8weekly]

The last time I employed an accountant he gave me some advice re investment in a PET scheme. I didn't go with it, but he tried to charge me several hundred for the advice. taxwise insurance is a fee earner for your accountant, therefore his advice may not be impartial.

[EandM]

My accountant, who is impartial, said don't bother. If you end on HMRC radar they'll probably check out where you live and determine if your claimed income is representative of your dwelling. If you're telling them £20k a year and you have a DB9 and a helicopter then alarm bells start ringing...

[Ian Lancaster]

I guess this is insurance in case you get an investigation, to cover the cost of your accountants time?

My accountant doesn't charge any extra for his time in the event of an investigation, provided we have been completely honest in our dealings.  If we've tried it on.........well in that case would any insurance pay up?

[elite mike]

my accountant charges me around £80 for the same insurance, i think its good value as i know a few

who have been investigated  by hmrc, some more than once  

[Frankybadboy]

my accountant told me not to brother as it would cost less than £160 for her todo the work if i was investgated

[Dave Willis]

I don't pay any tax therefore they don't know who I am.

[Frankybadboy]

I don't pay any tax therefore they don't know who I am.

your all like that down your way 

[Stephen.C]

I think this is covered by the FSB which costs me £120 a year as a sole trader.  I get other things thrown in for that £120 though, apart from better than free Co-op business banking, I choose not to use them.

+1 Without the banking.

[HampshireWindowCleaning]

Whats the FSB?

[SunShineCleaning]

Whats the FSB?

Russian Mafia

[Dougaldum]

if you're honest you've got nothing to hide 

[SunShineCleaning]

if you're honest you've got nothing to hide 

Problem is if you do get looked at they can appoint an accountant and charge you. The insurance or FSB account insures you against this cost.

[Mike #1]

HMRC have been looking into predominately cash based businesses more and more as they believe a high percentage are dodging tax .

Now if the HMRC investigate you do have or can you afford 2-3 grand regardless of whether you are innocent you will still have to foot the bill .

 Maybe £160 is worth it same as home and vehicle insurance i find it a rip off but i would not be without it . Mike

[Dave Mills]

Whats the FSB?

http://lmgtfy.com/?q=FSB