The Bank of England predicts that for the year as a whole, the British economy is expected to contract by 14%. This would be the biggest annual decline on record, according to Office for National Statistics (ONS) data dating back to 1949.
It would also be the sharpest annual contraction since 1706.
However, UK growth is expected to rebound in 2021 to 15% and the economy is expected to get back to its pre-virus peak mid 2021.
According to the Governor, Andrew Bailey, any permanent damage is expected to be relatively small. He praised the action by the government to support workers and businesses
through wage subsidies, loans and grants. He said the success of these
schemes and the Bank's own stimulus meant there would be "limited
scarring to the economy".
The economy was likely to recover "much more rapidly than the pull back from the global financial crisis."
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.
Tax Investigation Insurance is an insurance policy that will fully reimburse your accountants (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.
A Solar Protect policy will enable your Accountant (your tax return agent) to:
- Deal with any correspondence from HMRC
- Attend any meeting with HMRC
- Appeal to the First-tier Tribunal or Upper Tribunal
- Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly
- Premiums are Annual Premiums.
- Premiums are inclusive of 12% IPT.
- Premiums and IPT are due in full in advance / at commencement of scheme.
- There is a NIL excess on all policies.
Please click here for details.