What is Fee Protection?
These days, Her Majesty’s Revenue and Customs are as anxious as anyone to increase their income. One of the methods they use to try and do this is to undertake an ‘enquiry’ into your affairs. You may be selected at random, because they think there is some discrepancy between your records and theirs, or because they are targeting specific types of businesses (plumbers were a recent selection). At ProBusiness we will, of course, do our best to reduce or eliminate any additional tax HMRC may seek to impose but, depending upon the complexity of the enquiry, our professional costs can be pushed up to several thousands of pounds. This may be the case even if the Revenue finds that there is no more tax to pay – they won’t offer to pay your costs for you! And if HMRC do find that you owe them some more tax the last thing you want is a bill from us as well.
This is why we have opted for a fee protection scheme to cover this. In keeping with our fixed fee principles, you pay a fixed annual amount and all our fees will be paid for in the unfortunate event that you are selected for enquiry. It is not just formal enquiries that are covered either – the cost of us dealing with matters arising from routine PAYE or VAT inspection visits, or the various other forms of checks and enquiries that HMRC can use, is also met, so you can ask us to help without worrying about the cost.
We have a very good reputation with the company we are working with to provide this, which means that we have been able to keep premiums at virtually the same level for several years now. Why is this? It is because we have been able to conclude successfully and cost effectively all the enquiries that HMRC have launched into our clients’ affairs, often with major reductions in the amounts of tax being claimed, or even eliminating them altogether.
Now that HMRC have been granted wider powers of enquiry and can carry out Business Record Checks, Compliance Visits and Interventions covering all taxes, we consider it even more important to make sure our clients are safeguarded.
We have chosen a policy which has no excess and which covers up to £75,000 of fees. It pays for the cost of dealing with any correspondence from HMRC and attending all meetings with HMRC as well as all in-house preparation and research. So far, in the years we have taken up this policy, our clients have been saved many thousands of pounds worth of fees – we intend to ensure that we never have to charge a client for more than their normal accountancy work and the premium of this truly effective policy!
Probusiness has a regular slot on GFM radio
Managing Director of Probusiness, Jane Bowe, has been invited to join Patrick Hart on GFM radio station. Jane will be heading a panel of business experts each Tuesday between Midday and 2pm. The radio slot will provide a call-in service for anyone who would like advice on all matters of business and accountancy.
Invited experts joining Jane have extensive knowledge and experience and will offer advice on subjects such as commercial law, marketing, tax, vat and general business affairs.
Free Business Event with Lloyds Bank
Probusiness will be joined by Lloyds Bank on December 2nd at Goodfellows in Shepton Mallet. This event is by invitation only but if you would like to come along, please get in touch. To be included in forthcoming events, please call Jane on 01749 677989
PAYE up!
In their Employer Bulletin 39, HMRC state that from 6 April 2012 they will have a new power to obtain a security from employers who the department believes present a serious risk of non-payment. The employers will be able to appeal against the amount of security demanded by HMRC. The security is likely to take the form of a cash deposit held by the Revenue, or paid into a joint HMRC/taxpayer interest bearing bank account. It could also be a performance bond.
The same bulletin contains a reminder that large employers, ie. those with 250 or more employees on 31st October, will have to pay their monthly PAYE and National Insurance deductions electronically for the next tax year.