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Professional Fee Protection Service

Professional Fee Protection is an optional scheme to cover accountancy fees should you be unfortunate to have an HMRC tax enquiry and disputes.

The Importance of Cover

HMRC has wide ranging inspection powers across all taxes.

No reasons have to be given for opening enquiries and often they can be triggered for no apparent reason.

Some of the risks faced are:

  • Full HMRC enquiries into accounts or returns – companies and individual taxpayers – including a small number of random enquiries
  • Enquiries arising from HMRC “task forces” in specific sectors or area
  • “Aspect” enquiries into part of a return
  • Disputes from VAT and PAYE inspections
  • IR35 disputes
  • ‘Interventions’ – HMRCs powers to inspect records and businesses outside of traditional enquiries
  • Cross tax enquiries – where HMRC looks at VAT, Income Tax, PAYE and Corporation Tax together
  • Surprise visits – HMRC can visit business premises to review records, with no prior arrangement
  • HMRC intelligence, eg HMRC targeting credit card companies to supply details of all merchants, eBay to provide details of traders and similar

Even if HMRC find nothing to assess, the fees to defend such enquiries and reviews can be substantial; because of their unpredictability our fixed fee agreements cannot cover the time taken to administer any HMRC enquiry.

The Peloton’s Professional Fee protection Scheme…

In conjunction with Croner Taxwise (an insurer and adviser) we offer a Fee Protection Service (under our own insurance policy) to cover our fees, which would otherwise be payable by you, as the client. Participating members of this scheme have cover for up to £100,000 of our fees or those of a Croner approved consultant for the events detailed at the bottom of this page.

Some costs are not covered by this service, these are listed at the bottom of this page.

Free professional helplines included in the service

As a further service enhancement, Croner Taxwise include free direct access to:

  • A Legal helpline – giving you access to experienced solicitors who will advise you on all areas of law including contract, property and landlord & tenant
  • A Health & Safety advice line – helping with any workplace issues
  • Employment Law advice line – helping you to manage any potential employment issues

The scheme runs annually from 1st July to 30th June and the annual service charge is set out below.

Premiums – including VAT
Sole Trader£155
Ltd Companyincludes the personal returns of the partners/directors & their spouses and company secretaries (where we prepare the tax return). Excludes rental income in excess of £50,000 per annum (before expenses) or any other business activities. We must also be the tax return agent at the time the enquiry commences.£201

A VAT receipt will be provided once we receive your remittance.

If you are joining the scheme after 1 July, the premium will pro rata’d accordingly for the remainder of the annual term with optional renewal on 30th June

If you have any further questions relating to this scheme, please get in touch.

The service is, of course, not compulsory but should you decide not to take advantage of this, you will be “self-insured” and fully liable for all any additional fees incurred in defence of any enquiry.

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