PKF Carr & Stanton, Hastings, New Zealand
25 Oct 2018
As mentioned recently, we have noticed an increase in Inland Revenue queries, reviews and audits. As your accountant (and in many instances your Inland Revenue Agent) we are required to prepare replies and communicate with the Inland Revenue on your behalf. In some cases when there are complex environments, unusual circumstances, multiple years or multiple companies and trusts, costs to liaise with the Inland Revenue can add up pretty quickly.
In order to help mitigate these costs, we have recently sent out information about Audit Shield Insurance.
Did you know that Audit Shield Insurance provides for the payment of professional fees when audits, reviews, enquiries or investigations of lodged returns are initiated by the Inland Revenue and other government authorities? The product covers you against all audit costs from a basic phone enquiry to a complete audit of previously lodged returns.
We have clients right now who are claiming on their policies for these types of queries. In many cases, the amounts claimed far outweigh the cost of the insurance premium.
Please contact our office if you would like more information about Audit Shield.
For more information on how our services can help your business get in touch.