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    Professional fee protection: Why you should have it

    HMRC’s latest annual report and accounts shows receipts from tax investigations hit £13bn in 2018/19, up 27% from £10.3bn in 2017/18.

    HMRC is becoming increasingly more successful at identifying cases for investigation that are likely to result in large amounts of extra tax being collected. HMRC now has vast amounts of data at its disposal as well as sophisticated software which has made building evidence for investigations easier.

    With investigations on the increase, the best defence to an HMRC investigation is to engage the right professional representation.  This can be time consuming and expensive.

    What is professional fee protection?

    Fee protection is designed to cover the costs of that representation, giving you complete peace of mind that you will be fully represented and protected without incurring substantial fee costs.   You pay an annual premium.  The service is backed by an insurance policy, under which, PM+M can claim professional costs incurred defending our clients in the event of a tax enquiry.

    Should your business come under HMRC scrutiny, fee protection provides reassurance and cover for our costs relating to the investigation.

    The standard professional fee protection covers:

    – Corporation tax for companies

    – Sole trader and partnership business enquiries

    – Personal tax enquiries

    – VAT

    – PAYE

    Why should you consider getting professional fee protection?

    The most common mistake made by business owners is that they think because they are not carrying out any tax avoidance activities they won’t be investigated – this is not the case. HMRC have investigated many businesses where they have found no issues.

    In these situations, your business will still be responsible for paying any associated costs with the investigation including accountancy fees. Having professional fee protection will give you the peace of mind that if you are ever investigated, our fees for defending you will be covered.

    Get in touch

    PM+M offer professional fee protection to all our clients, safeguarding them against the cost of accountancy fees of up to £100,000, providing reassurance and peace of mind.

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    For more information about anything in the above article, please get in touch using the button below.
    Julie Walsh
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