Why You Need Insurance For Professional Fees in a Tax-VAT Investigation!
![]() |
Free Download - Are You Falling Into This Advertising And Image Trap? By Ray Stewart |
Did you know you could get insurance cover for this? Do you know why you need insurance cover for this? Do you know that a poorly defended Tax investigation could bankrupt you? Do you think this could never happen to you??
OK. Enough questions, what about the answers? - Oops, that was another question!
Let me answer the questions in reverse order...
Firstly, if you think a detailed in-depth tax investigation could not happen to you - WRONG. It can happen to any business from the smallest sole trader to the largest global company. The current tax regime is policed by these investigations, either started at random, or as a result of something coming to an Inspectors attention. This could be from a malicious letter or phone call, or something that just doesn't stack in the forms that are submitted each year with accounts information on.
However it starts, a tax investigation will be a part of your life for up to two years. And don't think that having one now will prevent you having another in the near future either. It doesn't.
Secondly, if you think you can get away with paying next to nothing as a result of an undefended tax investigation, think again. The Tax Office love businesses without professional fee insurance because it is much easier for them to find things to adjust and increase your profits. You may rely on your accountant to help you out but unless they are constantly engaging in tax investigations, they know as much about how to tackle it as you will, but will still charge tax investigation level fees to you anyway.
Where does the possibility of bankruptcy creep in... the settlement in an undefended investigation can be massive. Then there will be interest and most importantly, penalties. You then get 30 days to come up with the full amount of the settlement by raining a mortgage or other loan, but if you cannot do this perhaps because of a poor credit rating, then bankruptcy is a quick option for the government if you have some assets they can sell.
Finally, why do you need insurance cover for this?
If you have had the foresight to make sure you have insurance for this, then when the letter from the tax Office arrives, you simply notify the insurers and let the appointed consultants deal with everything for you. These experts do nothing else but deal with the Tax Office and don't give an inch in any respect in their dealings on your behalf. Settlements in investigations defended by these experts are usually minimal and manageable.
This type of professional fee insurance is an integral part of membership of some trade bodies such as Federation of Small Business and British Institute of Innkeepers, you can buy it from various insurance companies and it is even part of some home contents and office policies. The thing to do is check that you are covered by someone.
If you are looking for cover, you should consider joining a trade body such as the FSB and the BII as membership includes lots of other benefits as well as the insurance cover such as 24hr legal help lines etc. rather than just the insurance cover for a similar price per year.
Finally, if you are still not convinced that you need cover and are prepared to pay the accountants/consultants fees if, and when, it is needed... then be aware that the fees can range from about 3 years normal accounts fees as a minimum, up to exorbitant amounts if your case is complex and ends in court with barristers and other legal expenses!!
Or... FREE if you have the recommended insurance cover!
Why You Need Insurance For Professional Fees in a TaxVAT Investigation - To learn more about this author, visit Ray Stewart's Website.
Like this article? Share it with your friends
|
Article Tags:
Recent Search: professional fees |
![]() | |
| |
No article feedback found. |
| |
Leave Your Feedback |
|
| |
| |||
Marcus ArkanMarcus Arkan currently serves as the President/Principle Broker of Syndicate Mortgages Inc. After working with a number of Canada's top financial institutions, the experience and knowledge he gained throughout his professional career combined with his drive and entrepreneurial spirit led him to develop his own company. The operation began in 2003 in the basement of his home and now has flourished into a successful corporation with a head office in one of Metropolitan Toronto's busiest sectors and 10 branch locations employing over 100 mortgage professionals. His organization is now one of Ontario's leading mortgage brokerages specializing in residential, commercial, and construction financing. He holds the designation of Accredited Mortgage Professional from the Canadian Association of Accredited Mortgage Professionals. This allows him to differentiate himself from other mortgage originators and demonstrates his commitment to the highest standards of industry performance. For more information on Mr. Arkan and his Syndicate Mortgages Inc., please visit www.syndicatemortgages.com. - Visit Marcus Arkan's Website |
|||
David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
Dianne CramptonDianne Crampton is North America's leading authority on team culture. She is an author and professional speaker and president of the leading team culture consultancy, TIGERS Success Series, Inc. Crampton has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down or to subscribe to TIGES Free monthly e-newsleeter go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: Winning Business Team Cultures And Why They Thrive, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
|||
Michiel JonkerAs a Certified Information Systems Auditor, Michiel assists businesses in a professional capacity by evaluating the threats to their businesses. He acquired the necessary knowledge, skills, and techniques to minimize a business owner’s risk of business failure and to maximize his chances of high growth and success. He strongly believes that you CAN maximize your chances of business success, by implementing the business solution he has advocated for more than 12 years in your business plan and planning. Michiel has decided to share his experience with business owners by putting almost everything he knows in a business plan and survival guide (compiled in an e-book format) and written as a high growth SMB coaching course for SMB business owners, directors and managers - titled as the “Survival Kit for Small and Medium Businesses - Profit from your Business Risks!” According to Michiel, his goal was to add new techniques to a business owner’s business planning survival kit and instruct him or her in using these in the future - without any help from a consultant! For more information about the benefits of implementing profit protection planning in your business, please visit: http://www.business-around-the-globe.com - Visit Michiel Jonker's Website |
|||
Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
![]() | |
![]()
| |
![]() | |
|
| |
![]() | |
|
| |
![]() | |||||||
|
![]() | ||
![]() |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
![]() |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
![]() |
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
![]() |
|
|
![]() | ||
|
Top 50 Franchising Blogs
Top 50 Franchising Blogs | ||
|
Top 50 Marketing Blogs
Top Marketing Blogs of 2010 | ||
![]() | ||
![]() | ||||
| ||||
![]() | ||||
| ||||
|
|
![]() | ||||
| ||||
![]() | ||||
| ||||
|
|
|
||||||||||||
![]() |
|
|
![]() | ||||||||||||
| ||||||||||||












Subscribe to Ray's articles













