Taxman cover!
15th May 1997, Page 14
15th May 1997
Page 14
Page 14, 15th May 1997
— Taxman cover!
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• Hauliers can now insure against the cost of being randomly investigated by the Inland Revenue.
With the introduction of selfassessment earlier this year came random checks on companies. Accountancy firms believe the cost to the company under investigation could run into thousands of pounds.
In the past inspectors had to suspect a business of tax evasion before it would investigate. In the future, 10,000 firms will be randomly picked and although the chances of being called are small, the potential disruption is great. And there is always the possibility that a mistake has been made, and a fine levied, which can also he insured against.
Hauliers wishing to take up insurance are advised to contact their accountants.