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Insurance to cover tax investigations

Employment law firm Peninsula is offering a service to cover IFAs against the costs of tax investigations.

Clients will pay a fee of about £160 a year for the TaxWise service, which will launch on December 1, offering cover of up to 75,000 for businesses.

The service will provide protection to businesses that may not be able to cover the costs of handling the financial burden of employing accountants to deal with tax investigations.

It will cover any one claim against income tax and corporation tax self-assessment inquiries, Customs and Excise and VAT disputes, employer and compliance disputes and PAYE and National Insurance issues.

Peninsula claims that more companies are being randomly selected by the Revenue for closer examination. It says these companies may be operating in an area that for some reason has been spotlighted by the authorities.

TaxWise head Des Shaw says, in many cases, following investigation, no additional payments are required but there is often no recourse for firms to recover the cost of defending the dispute or inquiry.

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