[Kevin R]

 

[Mr H]

This insurance is included in the FSB membership fee.....

[gerard mcmanus]

Scare mongering mate, you won’t have to pay your accountant to sit and answer there questions, give them a copy of your books and let them get on with it. If your accountant has made a mistake, then they can fix it, your paid them to do it properly the first time.

Sounds like a racket, like the tax office isn't a big enough racket already 

[Chris B]

Scare mongering mate, you won’t have to pay your accountant to sit and answer there questions, give them a copy of your books and let them get on with it. If your accountant has made a mistake, then they can fix it, your paid them to do it properly the first time.

Sounds like a racket, like the tax office isn't a big enough racket already 

You are responsible for what you submit to your accountant, these investigations are not based on any mistakes your accountant makes but on what you have done! its not scare mongering, many people have extra insurance for this sort of event and many get caught out....as mentioned, join the fsb as this insurance is included.

[gerard mcmanus]

I know people who have had these done and they look at everything, what you submit, what your accountant puts through etc. Both you are your accountants work. But what exactly are they going to find if you havent done anything wrong. Yes you are repsonsible for this, but just a vote, how many have had this done, or been caught out. If oyu have, what did you loss, dayts wage etc, and how long did it take to resolve.

[john tomkins]

You are responsible for what you submit to your accountant, these investigations are not based on any mistakes your accountant makes but on what you have done!

Not quite correct.
When my accountant "ballsed up" a couple of years ago (he submitted my 06/07 accounts on a 05/06 form, I was employed/out of work/self employed during that year so masses of figures anyway :)
Meant I hadn't paid enough tax previous year and was sent £100s in overpayments for following year
I was contacted by tax office and told I would be investigated if I didn't agree to the figures they said was correct, obviously they were, and I did   so it went no futher, but this was all down to my (now ex) accountants error, took my current accountant a few months to get everything sorted

[williamx]

There are 2 types of accountants.

One is your normal accountant and the other is a Chartered Accountant.

With the 1st one, if he makes a mistake it your problem and you will be fined.

Ifa chartered accountant make a mistake then you can get compersation from him.

You are still liable if you do not give your accountant everything he needs to make your retrurn correctly, so if you hae forgoten that cash job and the taxman finds out about it then you will be paying a fine plus interest.

[macmac]

Unlike criminal law, where an HMRC enquiery is concerned, you are guilty untill YOU prove otherwise. An accountant only works with what you give them i.e. If more than what you have declared as gross goes in to your bank accounts in any given tax year, it is up to YOU to PROVE where every penny has come from, not your accountant. Imagine, all your bank accounts, credit/store cards etc may all have to be traced & proven. If you can't do this you are assumed guilty & will be fined, have to pay the extra tax & interest on that tax. They will trace every transaction in your accounts i.e. fuel receipts- ones paid cash & ones paid from account, make a few assumptions & then add it all up. So, if you are confident that all is very neat, tidy & all in order then you may not want to purchase the insureance, if not then it might be worth a punt!

Tony

[cwc]

Kev

I also have this insurance but I think it covers you for the extra work the accountant may have to do if you are investigated. These enquiries can create a lot of questions which your accountant has to answer on your behalf, thus saving you doing it and wasting your time. That as I understand it is what you are paying for, not if the accountant makes a mistake.

Regards

Andy