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Has professional fee protection insurance become a must-have for tax practitioners? ALLISON PLAGER reports.
ENQUIRIES INTO CLIENTS' tax affairs have become almost a fact of life since self assessment began back in 1996. Prior to that, it was almost a shameful thing to admit that one's client was being investigated by the Inland Revenue, with the implication that either the adviser had somehow been negligent, or the client had been dishonest.
Has professional fee protection insurance become a must-have for tax practitioners? ALLISON PLAGER reports.
ENQUIRIES INTO CLIENTS' tax affairs have become almost a fact of life since self assessment began back in 1996. Prior to that it was almost a shameful thing to admit that one's client was being investigated by the Inland Revenue with the implication that either the adviser had somehow been negligent or the client had been dishonest.
Under self assessment it is altogether different. HMRC formerly the Revenue have the right to make random enquiries into self assessment taxpayers' returns with no justification necessary. Inevitably such enquiries can spiral into full-blown investigations but regardless additional costs will be incurred as the adviser has to deal with correspondence over and above the norm. Not all clients will be willing to pay these...
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