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Personal tax investigation insurance
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[Deleted User]
Posts: 0 Newbie

in Cutting tax
Hi
I'm retired and for the first time in years about to submit my own self assessment return for saving, dividend income and capital gains from UK shares. Having previously been under the thresholds.
Is it possible to buy personal tax investigation insurance as I submit my own return and do not use an accountant. All references to insurance I can find you must be using an accountant.
I'm retired and for the first time in years about to submit my own self assessment return for saving, dividend income and capital gains from UK shares. Having previously been under the thresholds.
Is it possible to buy personal tax investigation insurance as I submit my own return and do not use an accountant. All references to insurance I can find you must be using an accountant.
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Comments
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The idea behind such insurance is to cover the fees of your professional adviser in dealing with a Revenue enquiry. I would have thought that if your only income is from pensions and investments, you are unlikely to be subjected to an enquiry. (Unless you know otherwise!)1
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Deleted_User said:
I've never heard of insurance for that situation.Hi
I'm retired and for the first time in years about to submit my own self assessment return for saving, dividend income and capital gains from UK shares. Having previously been under the thresholds.
Is it possible to buy personal tax investigation insurance as I submit my own return and do not use an accountant. All references to insurance I can find you must be using an accountant.
Do you understand the basics in relation to savings and dividends i.e. there are no separate allowance for these, you declare all the taxable amounts and some will almost certainly be taxed at 0%??
Is there a particular element you are concerned about?0 -
You may have (or being able to add) tax enquiry insurance via your home insurance policy - it's often included in the legal cover add-ons. You'd need to check the wording though as they're unlikely to cover data entry errors or misunderstandings etc., which is probably your main risk if you're doing it yourself. They're not a substitute for professional advice, they're to cover you against professional fees to defend yourself against disagreements and arguments etc.
Standalone policies are usually only via an accountant and only cover tax returns prepared by that accountant, hence the often low price, because there's an assumption that the accountant will have done the data entry and basics correctly, so far less chance of enquiry etc due to mistakes.0 -
Deleted_User said:
If your income is as you state then it is not complicated, there is really no need for insurance.Hi
I'm retired and for the first time in years about to submit my own self assessment return for saving, dividend income and capital gains from UK shares. Having previously been under the thresholds.
Is it possible to buy personal tax investigation insurance as I submit my own return and do not use an accountant. All references to insurance I can find you must be using an accountant.0 -
Dazed_and_C0nfused said:peterpies said:Hi
I'm retired and for the first time in years about to submit my own self assessment return for saving, dividend income and capital gains from UK shares. Having previously been under the thresholds.
Is it possible to buy personal tax investigation insurance as I submit my own return and do not use an accountant. All references to insurance I can find you must be using an accountant.There are separate allowances for dividends and savings. See here:Of course just like income that falls within the personal allowance, you still have to declare interest and dividends that fall within the savings/dividend allowances.
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