Claims Examples

A husband and wife partnership selling and installing double glazing was investigated by HMRC. At a meeting, HMRC alleged the husband had been dishonest. By the end of a long and detailed enquiry, HMRC repaid £129.00 of tax to the partnership and apologised, confirming that the allegation of dishonesty was a case of mistaken identity. Accountancy fees were approximately £5,000.00 and were paid in full by Vantage Fee Protect.

Business accounts for a wine shop were challenged by HMRC. HMRC claimed that expenditure of more than £150,000.00 on improvements to the shop front and interior was not allowable for tax purpose and that additional tax of £30,000.00 was due. Further detailed research into the relevant tax law and previous tax cases was necessary to dispute HMRC’s contentions. In the end, HMRC allowed the expenditure in full. Fees of £3,000.00 were paid in full by Vantage Fee Protect.

A property developer had a VAT Compliance Review. Following the review, HMRC challenged that because the client was making both exempt and VATable supplies, they should not have recovered 100% of input tax from previous years. The client’s accountant successfully disputed this on the basis that the client was below the partial exemption de minimis limit, avoiding a potential VAT liability of more than £20,000.00. Accountancy fees of £3,700.00 were incurred and were paid in full by Vantage Fee Protect.

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You should read thoroughly all the product information we have made available to you, in particular the Specimen Policy Wording together with the Insurance Product Information Document (IPID) before deciding to purchase your chosen product. These documents contain the full Policy Terms and Conditions. 

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