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Tax investigation insurance?

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Author Topic: Tax investigation insurance?  (Read 100 times)
Newbie
Posts: 2

Single property landlord

« on: June 20, 2020, 03:23:52 PM »

Hello All,

As a single property landlord, I'm wondering what the forum thinks about Tax Investigation Insurance?
My accountant wants me to spend 40 a year to cover me should HMRC decide to investigate me?
Does anyone else know if someone with such a small income really need to buy this cover?
Any constructive comment would be appreciated!
Thank you,
Cableman.
Global Moderator
Sr. Member
Posts: 421

I like poetry

« Reply #1 on: June 20, 2020, 04:59:46 PM »

When I worked in practice many years ago we were taken over by a company that was into that stuff. I left. I reckon accountants just try to push that kind of product because they can't play their guitar on the MTV.

If you were running a substantial business that could be disrupted by a lengthy HMRC investigation, then maybe it would be worth it. As it is, a) they're not going to be interested in you, as long as the figures look about right, b) you could probably fit all your accounting records in a shoebox without even taking out the shoes first, so any investigation won't take long, won't disrupt the running of your business and won't need a lot of your accountant's time, and c) if they do find anything the chances are it's because your accountant has ballsed up anyway.
Newbie
Posts: 2

Single property landlord

« Reply #2 on: June 21, 2020, 07:42:33 PM »

Hi Simon,

Thank you for the prompt reply to my question!

I agree, but just wondered what experienced landlords thought?

Thanks for taking the time to reply.

Cableman.
Newbie
Posts: 44

I like spoons

« Reply #3 on: June 22, 2020, 11:00:39 AM »

Do you not pay your accountant so that everything is correct anyway?!?!
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