Are you self-employed or managing your own limited company? If yes, do you own a tax investigation insurance for media freelancers? If you don’t have one, this article is meant for you!Regardless of whether you complete your accounts and tax returns, or have an accountant handling your financial records, you should seriously consider tax insurance for your media business.
There are some businesses that specialise in the film and TV industry. Their vast experience in the industry tells them that HM Revenue and Customs or HMRC don’t really understand what it’s like in the media sector. Tax investigations are aggressively done, and accounting fees are higher than ever, even if you liaise with HMRC.
If you are covered with tax investigation insurance, insurance will cover the accountancy feesas a result of HMRC investigation either personally or through a trading status. There are several insurance companies that offer this product, and each say they provide the best coverage in the market.
To ensure they are right for you, you’ll need to verify their standing through reviews, testimonials and referrals from current and previous customers. You can also check with their customer service how they respond to your needs. Ask for a quote and compare them with other insurers. You’ll certainly find one with a competitive price.
Once you have chosen a tax investigation insurance, you will need to establish a relationship with them. They help safeguard your business and financial records against the aggressive investigation of HMRC. If you’re not protected with this type of insurance, you’ll be faced with professional costs that can run up to thousands of dollars, even if the investigation unveils no further tax liabilities.
However, if you are covered with investigation insurance, you’ll just have to pay a yearly subscription fee and they will provide all the support you need, including dealing with the HMRC at no extra cost. However, the insurance type can cover exclusions, especially when you’re involved with tax fraud.
If you decide to avail such coverage, you can now have peace of mind. However, if you feel that you’re doing right with your financial records and pay taxes on time, there is no need to secure the insurance.