Tax and VAT Fee Protection – What is it?
Tax and VAT Fee Protection is a service that allows businesses and individuals to safeguard themselves from the cost of professional fees associated with a tax investigation.
As a trusted adviser to your business it is our role to help you to protect your business should you be selected, which is why we recommend our Tax & VAT Fee Protection Service.
I’ve kept my tax affairs in order – do I really need this protection?
It’s important to understand that if you're selected for investigation by HMRC, the reality is it will cost you money even if you've done nothing wrong.
HMRC are proactively targeting individuals and businesses using sophisticated software that has been specifically developed to search trends, indicators and behaviours and analyse in minutes.
Data that doesn’t cross match can automatically initiate an enquiry. This software combined with wider powers and increased targets means that your chances of being investigated are rising.
Anyone can be selected for investigation: a business, director or individual tax payer.
How much would a tax investigation cost?
Tax investigations can last for months. During this time, you could find yourself incurring accountancy fees as well as having to deal with costly business disruption and probing questions.
Professional representation is essential in dealing with HMRC in a timely and robust manner. We will demonstrate to HMRC that you are paying the correct amount of tax and assist with the investigative procedures. Even if you’re found to owe nothing you will still have to pay your professional representation fees.
For a modest annual fee you can safeguard yourself from these unforeseen costs, giving you peace of mind.
What does Tax and VAT Fee Protection include?
The service covers up to the equivalent of £100,000 towards our professional fees resulting from an HMRC enquiry.
Professional representation on all matters relating to your investigation will be provided, ensuring that the enquiry runs as smoothly as possible and proving you with peace of mind. We also deal with the insurers on your behalf:
- Expertise and experience in dealing with HMRC
- Peace of mind that the experts are dealing with HMRC on behalf
- Dealing with HMRC on your own could make matters worse
- Early intervention can lead to early resolution
- Additional tax due can be avoided or mitigated
You can download a copy of the policy document here.
How much does Tax and VAT Fee Protection cost?
Tax and VAT Fee Protection is charged as an annual fee as per the following categories:
||Amount due per client
(Inclusive of VAT)
|Personal Tax clients (includes rental income of up to £50,000)
|Sole Traders with turnover under the VAT registration limit and Personal Tax clients with rental income in excess of £50,000
|Non-Trading Holding Company
|Sole Traders with income in excess of the VAT registration limit and Partnerships with annual turnover of up to £10m
|Limited Companies with annual turnover of up to £10m
|Businesses with annual turnover of more than £10m
The standard period of cover is 12 months. For those clients purchasing before 28 February 2019 we are offering 13 months cover for the price of 12 months. Therefore the prices quoted above are for a 13 month cover period from 1 March 2019 to 31 March 2020. This extended period of cover is only available for clients purchasing before 28 February 2019.
As a valued client we strongly recommend that you take advantage of this service.
To purchase Tax and VAT Fee Protection please follow this link.
Please note this link will take you to a website called Cognito Forms. You will not be asked to provide any card payment details through this website, only your business information.