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Taxwise Plus

Visionary Accountants offer all clients Fee Protection Insurance

Thursday 24 September, 2015

Visionary Accountants now offer Fee Protection Insurance as a benefit to all of our clients. Our provider is TaxWise – the market leader – and their policy details are listed below.

Taxwise Plus covers

  • Corporation Tax and income tax enquires (full and aspect)
  • Schedule 36 interventions and inspections
  • Informal enquiries commenced by telephone (that require a written response)
  • Business Record Checks/Single Compliance Process
  • Enquiries into repayment claims
  • PAYE/NIC Employer Compliance Visits
  • Value Added Tax Compliance Visits
  • CIS, IR35 and other status enquiries
  • Minimum Wage enquiries
  • Inheritance Tax enquiries
  • Special Civil Investigations opened under code of practice 8, provided any allegation of fraud is disproved (indemnity limit £5,000)

Additional cover points

  • Cover for Tax Returns submitted up to 30 days late.
  • Cover for PAYE & VAT Compliance. Visits include:
    • A high  level check of  the records / briefing the client on what to expect,  prior to the visit
    • Meeting with HMRC on the day of the visit
    • Dealing with any correspondence exchanged thereafter
  • Cover for more than one attendee at meetings with HMRC (where more than one attendee is required).
  • Cover for enquiries into Tax Returns that contain provisional entries (other than fees incurred amending the return).
  • Cover for appeals to the Tribunal (where there are grounds to dispute HMRC’s position).
  • Cover for an application for Judicial Review (limited to £5,000).

Taxwise Plus does not cover

  • Fees incurred specifically in respect of the following:
  • Tax Avoidance Schemes;
    • Reconstructing  books & records that have been poorly maintained (where fees are substantial);
    • Significant and deliberate omissions of income from the Tax Return;
  • Routine accountancy work (e.g. preparing annual accounts / statutory tax returns). However fees incurred dealing with other elements of the enquiry are covered (subject to the policy terms.)

Source: Taxwise Services Ltd -

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