Running a business can be one of the most thrilling jobs in the world, but that’s not to say that it doesn’t come with it’s fair share of risks. We want to make sure that all of our clients have the ability to be protected while carrying out their work, allowing you to make the most of your time and money.
That’s why we, at Kent Coast Accounts, have partnered with Vantage Fee Protect, a service which can cover our professional defence fees in the case of a tax enquiry.
Once a year we email all of our clients to inform them about Fee Protection service. Fee protection is a completely optional peace of mind, which covers our professional defence costs should you find yourself in a Tax Enquiry for as little as £45.00 per annum.* Cover starts from the 1st June 2023.
A Tax Enquiry is when HM Revenue & Customs (HMRC), investigate into a certain aspect of your business and taxes. These tax enquiries are often at random or are triggered when HMRC’s computer systems detect a change/variance in your records/returns. We understand and know that there is often a perfectly understandable reason for these changes, and as apart of our services to insured clients, we will demonstrate to HMRC that you are paying the correct amount of tax and assist with the investigative procedures.
What is fee protection?
Just as you take out cover to protect against the eventuality of a possible motoring accident or potential damage to the contents of your home or business, this service protects you from the costs that arise in dealing with your HMRC enquiry.
Annual protection is available from 1st June 2023 to the 31st May 2024.
Why Would I Need This?
Hopefully, you never will! But it’s good to be prepared.
HMRC are using increasingly sophisticated methods to target ALL taxpayers, raising enquiries that could cost you money even if you’ve done nothing wrong. These inquiries could take up a lot of your time, time you could be spending working on your business. And with no limit on how long or short enquiries need to be, without proper protection, you’d be at HMRC’s mercy.
What Do I Get?
Vantage Fee Protect offers a listing of different services
Our Tax Investigation Service in partnership with Vantage Fee Protect includes:
- Representation from us in the event of an HMRC investigation, with zero excess and £100,000 fees indemnity.
- Peace of mind. We will deal directly with HMRC on your behalf safeguarding you from the concern and stress of unknown additional fees.
Ultimately, the choice is yours.
As a practice we are ethically obligated to provide you with what we believe is one of the best options in regards to protecting your business, however it is up to you whether you would like to take it up or not.
We recommend that most clients, if not all, do at least consider taking up the service and for those who are unsure to contact us with any queries or questions.
Vantage Fee Protect are offering the annual service for a fee from £45 to £150 per annum which can be renewed each year, a small price to pay for peace of mind. This is also a tax allowable expense and can be offset against income tax or corporation tax on your year end accounts.
Vantage Fee Protect annual service cover pricing including Insurance Premium Tax and VAT*
|Limited companies with annual turnover of up to £10m
|Partnerships with annual turnover of up to £10m
|Sole traders > VAT, and personal tax clients with rental income of £50k or more
|Personal tax clients, including any with rental income of up to £50k pa