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We have FSB membership at around £180pa and it has this benefit plus a host of others.
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.
Thanks folks, something to think about for us.
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.
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.
Somehow managed to delete my previous post - fat fingers.
Assumptions are never good.
My investigations took place within 3 years of starting up as a sole trader. It certainly helps if you separate your personal and business finances ( ie bank accounts ) and you keep your accounts up to date/current.
HMRC have stated aims of targeting small businesses as, on average, they make more mistakes than larger businesses who will have a decent Accountant who values their Chartered or Certified status.
If a small business has time to become fully conversant with tax laws then surely their focus is wrong ?
A good Accountant is worth their weight in gold and organisations such as FSB have much going for them.
https://www.taxation.co.uk/articles/2018-06-18-338152-small-busines...
2018 : https://www.intergest.co.uk/news/business-news/archive/article/2018...
2019 : https://alanpatient.com/hmrc-tax-investigations-into-small-businesses/
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
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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