Jeremy

Just received a letter from my accountants asking if I wish to take out
this insurance which in essence is designed to protect me from having
to pay accountants' fees incurred during any Inland Revenue or C&E
investigation into my busines or personal affairs.

Any of you folks come across this - good or bad experiences?


--

jeremy
['75 RD250A] | ['02 Fazer 600 in blue]

CT

"Jeremy" <newspostings@hazelweb.co.uk> wrote in message
news:MPG.1ab26f4884bc62cd989aee@news.individual.ne t...
>
> Just received a letter from my accountants asking if I wish to take
out
> this insurance which in essence is designed to protect me from having
> to pay accountants' fees incurred during any Inland Revenue or C&E
> investigation into my busines or personal affairs.
>
> Any of you folks come across this - good or bad experiences?


Not really. I've had similar types of letters from my accountants
and decided that I could do without it.
Possibly a bad move as I am now being investigated by the IR with
respect to IR35 /
--
Chris

ZX-9R (in green, obviously) BOTAFOT#51

Jeremy

In article <c29nj4$1q2ede$1@ID-155023.news.uni-berlin.de>, CT says...

>
> Not really. I've had similar types of letters from my accountants
> and decided that I could do without it.
> Possibly a bad move as I am now being investigated by the IR with
> respect to IR35 /

Is that going to be an "ouch" ?
--

jeremy
['75 RD250A] | ['02 Fazer 600 in blue]

Cane

"Jeremy" <newspostings@hazelweb.co.uk> wrote in message
news:MPG.1ab26f4884bc62cd989aee@news.individual.ne t...

> Just received a letter from my accountants asking if I wish to take out
> this insurance which in essence is designed to protect me from having
> to pay accountants' fees incurred during any Inland Revenue or C&E
> investigation into my busines or personal affairs.
>
> Any of you folks come across this - good or bad experiences?

lol,

So let me get this right. You pay your accountants a premium to cover you
should they fail to do their job in the first place.

If my accounts made such a ludicrous proposal I'd sack them.

--
cane ¦ fireblade, r30

CT

"Jeremy" <newspostings@hazelweb.co.uk> wrote in message
news:MPG.1ab2729c77888a84989aef@news.individual.ne t...
> In article <c29nj4$1q2ede$1@ID-155023.news.uni-berlin.de>, CT says...
>
> > Possibly a bad move as I am now being investigated by the IR with
> > respect to IR35 /
>
> Is that going to be an "ouch" ?


I hope not. I have always taken advice and had my contract reviewed
WRT IR35 and I have letters from my accountants stating that "in their
opinion" I was in the clear. The IR are disputing this at the moment
and it's ongoing.

I have always kept funds in reserve should this situation occur and
TBH I am hopeful that, should I be found against, the values involved
are not going to be that painful.

If I am found in favour, then I may just use said 'emergency' funds
for a Z1000 )
--
Chris

ZX-9R (in green, obviously) BOTAFOT#51

CT

"Jeremy" <newspostings@hazelweb.co.uk> wrote in message
news:MPG.1ab2748fd5520c13989af0@news.individual.ne t...
>
> No but you're responsible for paying your accountants' fees - you may
> need their time in order to present your case, provide advice etc
> throughout the investigation - I reckon in practise for a small co
it's
> not going to be more than a few hundred but my accountants have stated
> "the average full enquiry would cost in excess of £5,000".


It's also a lot of hassle.

In my position, I would have liked to IR just to write to me
and say "we think you owe us £xxxx" at which point I could have
decided whether to appeal or just pay up depending on 'xxxx'.
As it is, this started last June and we're still no closer
to agreeing either the IR35 position or the amount owed.
--
Chris

ZX-9R (in green, obviously) BOTAFOT#51

Jeremy

In article <c29o85$1qur4h$1@ID-97762.news.uni-berlin.de>, Cane says...
> "Jeremy" <newspostings@hazelweb.co.uk> wrote in message
> news:MPG.1ab26f4884bc62cd989aee@news.individual.ne t...
>
> > Just received a letter from my accountants asking if I wish to take out
> > this insurance which in essence is designed to protect me from having
> > to pay accountants' fees incurred during any Inland Revenue or C&E
> > investigation into my busines or personal affairs.
> >
> > Any of you folks come across this - good or bad experiences?
>
> lol,
>
> So let me get this right. You pay your accountants a premium to cover you
> should they fail to do their job in the first place.
>
> If my accounts made such a ludicrous proposal I'd sack them.
>

I'd agree with you if they proved to be negligent in their advice -
however the situation is that, for whatever reason, the IR or C&E may
choose to see whether you are trading on the level - this will
inevitably involve the business and its advisors as you have to present
records, explain why certain things are done in a certain way etc.

A few months ago, I was called up by C&E with queries regarding
irregularities with VAT reporting - they spotted a change to the regular
pattern and so decided to interview me over the phone - cost-effective
for both sides and didn't require any professional advisor's time
thankfully.

--

jeremy
['75 RD250A] | ['02 Fazer 600 in blue]

Cane

"Jeremy" <newspostings@hazelweb.co.uk> wrote in message
news:MPG.1ab275df61578d4b989af1@news.individual.ne t...

> > If my accounts made such a ludicrous proposal I'd sack them.
> >
>
> I'd agree with you if they proved to be negligent in their advice -
> however the situation is that, for whatever reason, the IR or C&E may
> choose to see whether you are trading on the level - this will
> inevitably involve the business and its advisors as you have to present
> records, explain why certain things are done in a certain way etc.
>
> A few months ago, I was called up by C&E with queries regarding
> irregularities with VAT reporting - they spotted a change to the regular
> pattern and so decided to interview me over the phone - cost-effective
> for both sides and didn't require any professional advisor's time
> thankfully.

Change accountant IMO.


--
cane ¦ fireblade, r30

Whinging Courier

In uk.rec.motorcycles, Jeremy said:

> No but you're responsible for paying your accountants' fees - you may
> need their time in order to present your case, provide advice etc
> throughout the investigation -

OIC. That does make a bit more sense.

> I reckon in practise for a small co it's
> not going to be more than a few hundred but my accountants have stated
> "the average full enquiry would cost in excess of £5,000".

How much is the insurance? You'd have to be pretty unlucky to get
investigated and £5000 over 7 years is only £60 a month... but I guess
you already knew that ;-)

--
Smile...tomorrow will be worse
CBR1000FL

Boots Blakeley

On Fri, 5 Mar 2004 11:18:01 -0000, "CT"
<ukrm@siteline.freeserve.co.uk> wrote:

>Possibly a bad move as I am now being investigated by the IR with
>respect to IR35 /

I had that a couple of years ago before giving in and becoming a
permie. After a couple of years faffing from the IR I won the point
but it cost me around £600 in extra fees. Still a lot less than the
tax the thieving buggers wanted.

--
Ian
"reorganising, a wonderful method for creating an illusion of progress"
The FAQ is here http://www.ukrm.net/faq/index.html
98 FZS600, 72 T120R MIB#21 TWA#6 COSOC#12