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Recent HMRC Trends and the opportunity of Fee Protection Insurance

14.55 – 14.55. Recent HMRC Trends and the opportunity of Fee Protection Insurance . Scott Phillips Business Development Manager, Taxwise. www.ifa.org.uk. Recent HMRC trends and the opportunity of Fee Protection Insurance Working in partnership with The IFA . H M Revenue & Customs Activity

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Recent HMRC Trends and the opportunity of Fee Protection Insurance

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  1. 14.55 – 14.55 Recent HMRC Trends and the opportunity of Fee Protection Insurance • Scott Phillips • Business Development Manager, Taxwise • www.ifa.org.uk

  2. Recent HMRC trends and the opportunity of Fee Protection Insurance Working in partnership with The IFA

  3. H M Revenue & Customs Activity • Claims Trends • Taxwise - Services & Benefits • The IFA

  4. HMRC - Activity • HMRC are targeted to deliver an extra £7billion in compliance yield each year by 2014/15.” • The tax gap - the difference between the tax that HMRC thinks should be collected and the amount actually collected – is estimated to be more than £35 billion. • The government spending review has made available £917m to tackle tax evasion, avoidance and fraud from 2011/12. • HMRC have been targeted with reducing costs by 25%, whilst increasing the compliance yield. The Single Compliance Process aims to achieve this, by using HMRC resources more efficiently, by taking a more targeted approach to enquiry work.”

  5. HMRC Activity HMRC income from investigations into personal tax returns

  6. HMRC Activity • A record £20.7bn in additional revenue was collected by HMRC through compliance work in 2012/13 - up 11% (source UHY Hacker Young). • The extra revenue from HMRC investigations came from both small businesses and individuals: Small businesses jumped 30% in 2012/13, to £565m, while the share clawed back from investigations into personal tax returns rose by 38% to £609m. • Since the 2010 spending review HMRC has launched 40 specialist taskforces aimed at extensive investigation into businesses and individuals. These have raised over £60m of additional revenue already.

  7. HMRC Activity • Enquiries concluding faster • HMRC risk profiling • More enquiries, more focussed • HMRC doing what always done but… • …more of it and with more focus and efficiency!

  8. ClaimTrends • THE NUMBERS • The number of claims notified has increased considerable in recent years, with average yearly increases of 30% for the past three years. • The increase has come in the main from Income Tax Aspect and Full enquiry claims, which have increased in number by almost 2.5 times in the past three years. • In 2013 Taxwise dealt with almost 6,000 claims and paid out £5.7m in claim payments. • 2014 statistics project over 6,400 claims and costs of £6.2m

  9. Average Claim Costs

  10. What is Fee Protection Insurance? • Insurance policy • Allows an accountant to defend clients • In the event of an HMRC enquiry • Policy pays for all of the fees incurred • Clients get professional representation and peace of mind

  11. Who are Taxwise? Key facts • 3,200 accountancy clients • £14m premium income • 65 staff • FCA Authorised • Peninsula Group Company • Irwell Insurance Company

  12. Advice Line • Tax and VAT advice lines • Free/Unlimited for all accountancy clients • 50,000 advice calls per annum • Employment Law Advice Line • Free/Unlimited for all clients taking Cover • Legal Advice on all forms of UK Law • Free/Unlimited for all clients taking cover

  13. TAXWISE REWARDS • HR Online • Seminars • Webinars • Employment Law Advice

  14. All part of the service… • Advice lines • E-bulletins • Quarterly newsletter • Taxwise Rewards • Consultancy support • No policy excesses • No policy inner limits

  15. QUESTIONS?

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