Tax Investigation Insurance for Contractors
An investigation of your consulting business by a tax authority can be very expensive and time consuming.
If HM Revenue & Customs (the IRS in the US) commence an investigation of the tax affairs of your business you will probably need to engage experienced accountants and tax consultants to assist you with the inquiry and protect your position.
The professional fees associated with providing your business with support through what could be a lengthy investigation process are likely to be quite substantial and have the potential to make a serious dent in your annual profits.
The tax investigation insurance will cover the cost of professional fees relating to an investigation.
A separate category of insurance relates to protection for Tax Loss in the event that the outcome of a Tax investigation results in the crystallisation of an unexpected tax liability for your business.
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