Insure against IRD attack
This product is not necessary for all businesses but equally we at TvA believe our clients should, at the very least, be given the option to consider the extra insurance cover in light of the Government plans (you may recall during the last budget round the Government allocated additional funds to enable the IRD to undertake more audits).
Unfortunately, if you happen to get selected for an audit or review it is not necessarily that you have got it wrong. In our experience the more common outcome is the taxpayer is proven they are not at fault and have a very reasonable tax position. However, along the way to prove your position there can be a significant legal and accounting cost.
So, in our view, this insurance cover is a way to ease the pain of the audit by allowing a business owner to buy the very best advice when they need it most.
We believe this is a great product as it removes the stress and likely confrontations around fees enabling both the tax payer and their professional representatives to focus clearly on the audit without possible cost restraints.
We will be forwarding more information on Audit Shield to our clients over the coming month.