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PRO

Tax fee protection

Afternoon all, our accountant has sent us information on a service they provide where you can take out a protection against the cost of an HMRC tax investigation.  I know that these investigations can be lengthy and costly but wondered about the value versus risk aspect of it.  We are a husband & wife partnership so the cost to us would be £150 pa.  However our turnover is not massive, almost all of our sales are accounted for through BACS payments and purchases through a business debit card and we have no lifestyle indicators that would stand out as making us a target for investigation, e.g. luxury car, second property, large extension etc.  Does anyone use a service like this and/or have an opinion on whether this would be worthwhile for a business of our size.  Cheers in advance!

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Replies

  • PRO

    We have FSB membership at around £180pa and it has this benefit plus a host of others.

    • PRO

      Would agree with Nick- we also belong to FSB partly to gain the support & business knowledge they provide and for features such the tax investigation cover.

      They provide routes to so many useful services and everyone receives their excellent First Voice monthly magazine.

  • Can't help feeling that's money down the drain and your "accountants" should be ashamed of themselves trying to encourage you with this "protection" when if they're doing their job properley, there's absolutely nothing to worry about.  It sounds like you're doing everything correctly and it seems reasonable to assume they've  done all your "books" correctly so there really shouldn't be any problems.  As you say, you're not doing anything to attract an inspection............ I've been dong my own tax returns now for 20+ years and never had an investigation.......... they've much bigger fish to fry. Keep the £150 and treat yourselves to a weekend away.    

    • PRO

      That was my view Graham too.  I'll have a look at the benefits of FSB membership in any event but I think the risks of an investigation appear very low.

  • Gary's business will be massive compared to yours so as he says, lot of hassle etc.  Chap over the road with his own roofing business.....  £100k turnover.......... he had an inspection a couple of years ago and he was tied up for the morning.  Even if you did have a check, I'm pretty sure the £150 money you saved on their "insurance" would roughly cover any loss of income.

  • the fee will not be to cover your loss of ernings it will be to pay the accountants fee for the investigation

    you can be squeeky clean but you can get a investigation by HMRC and take 8 months or more i have been there and got the t shirt 

    i do not know what the FSB atualy covers others might know 

  • PRO Supplier

     I would say £150 is a bargain. As David said it covers the accountants fees responding and preparing 'evidence' for HMRC spot checks - £150  was about 2.5 hours - or one letter !! When I was in business (before Progreen) mine dragged on for months and ended up with nothing to challenge or pay - but the accountants fees were ridiculous....

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