What is Fee Protection Insurance?
Fee Protection Insurance covers you against the cost of any professional fees that you incur as a result of being investigated by HMRC.
Tax investigations are time consuming, complex and stressful. You will require specialist advice from us during an enquiry. The more complex your case the greater the amount of time and resource we will need to dedicate to you.
Unfortunately professional fees can run into thousands of pounds. As a Practice we want to protect you from this burden, that’s why we recommend that our clients take out our Fee Protection Insurance policy. It will provide you with comprehensive cover against professional fees resulting from a tax enquiry. It’s quick and easy to get covered and costs a fraction of the average investigation.
Tax investigations are on the increase, with individuals and companies alike being targeted and under more scrutiny than ever.
Investigations are stressful, time-consuming and costly for the party involved. As your Accountant we want to protect you where possible which is why we offer a Fee Protection Insurance service which covers you against the cost of professional fees associated with a tax investigation. Scroll down to find out about this service and how it can protect you.
What happens during an Investigation?
HMRC can investigate any taxpayer, both individuals and businesses are at risk.
Tax Investigations can last for many months, even years. During this time you will find yourself likely to incur accountancy fees as well as having to deal with costly business disruption and probing questions from HMRC. Even if you’re found to owe nothing you will still be liable to pay your professional representation fees.
It’s vital during an investigation, however small it may be that you seek professional representation from the outset. Our tax investigation service will cover the cost of our fees as well as providing you with access to our experts in handling HMRC enquires and managing your claim.
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Why do I need to get insured?
Tax Investigations are on the increase. HMRC has spent over £80m on a new super computer specifically to identify businesses and individuals who are identified as having potential tax discrepancies.
The sophisticated system trawls a wide variety of sources generating a digital footprint and building a profile of a taxpayer’s total income. HMRC scans Government and commercial data from the likes of financial institutions, Land Registry, DVLA and employers. It uses this information to identify businesses and individuals whose profiles indicate potential inconsistencies and then targets them for investigation.
£34 billion – the estimated gap between what HMRC should collect and what it does collect
£26 billion – the additional amount of annual tax income that HMRC want to achieve
£80 million – spent by HMRC to develop a super computer that monitors your digital footprint for potential underpaid taxes
Your chances of being investigated are increasing year on year.
We can protect you from the costs of any professional fees that arise should you be subject to investigation. The service also ensures that you benefit from expert advice throughout the enquiry.
Our Advice lines are completely free of charge for you.
Experts are waiting to take your call and support with all manner of issues relating to managing your business and your employees.
Employment Law Advice Line
Call the team for help with any issue or question you have relating to managing your employees.
Health & Safety Advice Line
Call us for advice on any aspect of managing your Health & Safety obligations within your workplace.
Commercial Legal Advice Line
Call our experienced solicitors for dedicated advice on all aspects of company law.
It only takes a couple of minutes to set up your cover. Simply click on the ‘Get Covered’ button below. We’ve made it really easy to sign up and get protected.
If you are the subject of an enquiry, we’ll represent you for its duration, providing you with the expert advice that you need every step of the way to handle the investigation. From the smallest question through to full representation, we’ll be here to guide you, minimise the stress and provide the necessary facts to HMRC should they review your accountancy records.
You can rest assured that you’re receiving the best possible representation and not having to pay the professional fees that result.
As part of our Fee Protection Insurance service you also gain exclusive access to a variety of extended business services at preferential rates, including;
Health & Safety Safecheck A Health and Safety compliance audit to establish if the employer is meeting their Health and Safety obligations. We organise and attend an initial visit to carry out the compliance audit which is conducted by an experienced Health and Safety consultant. This is followed by a second visit to present a detailed written report and to discuss the findings with the business owner so they fully understand the report.
Employee Documentation Critique A full review with a written report on Contracts of Employment and Employee Handbook.
Accreditation SSIP Safety Schemes in Procurement are used by many large employers and construction companies to benchmark the adequacy of the safety management systems of a business supplying them with services. Proof is often required as a pre-qualification before any tender or contract is considered. This tends to be very common in construction and local authority sectors and includes; CHAS, SMAS, SafeContractor, Constructionline and Achilles.
Fire Risk Assessments All non-domestic premises MUST carry out a fire risk assessment to include the introduction of measures that reduce or eliminate the risk of fire and identify persons at risk. We will conduct the assessment for you and make the necessary recommendations.