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Professional Fee Protection – Don’t Leave Home Without It!

For all Businesses, Professional Fee Protection is a must and a vital defence mechanism against any form of attack or intervention from HMRC.

Yes, we all know for example like with all insurance policies, this is just another cost until of course, you discover “oops, we didn’t have this cover, – aaaah, I wish we had taken it out.” So, if you were to ask Churchill The Dog whether you should have Professional Fee Protection I am sure the response would be “ Oh, Yes!”

So what does Professional Fee Protection actually cover? – well it does of course depend upon the type of Fee protection policy you take out, and of course who with. The one I will speak more about is the policy we provide for our clients here at JCL (Jones Cooper Limited).  This is through our preferred supplier, CCH.

At JCL (Jones Cooper Limited), when we choose a preferred supplier, it is a bit like the T.V shows like the X-Factor, or Britain’s Got Talent, we put the contestants, (oops sorry suppliers), through an intense programme (just like Simon Cowell does ), to make sure we have selected the right one. Now, I must make a confession here, I have never really watched a single full episode of either of these two programmes. In fact usually when these programmes are on, I disappear upstairs to turn on the T.V to BBC2 where you can usually be treated to a classic episode of ‘Dad’s Army’. These episodes even now still make me chuckle, and I think it’s because there were some real proper characters in these episodes, characters who we can all identify with. I am pleased to say I have not yet heard anywhere in our Offices myself being referred to as Captain Mainwaring (but pronounced Mannering),  but maybe that’s simply because the rest of the Team hear my footsteps coming!

So, why should you have Professional Fee Protection? The answer is fairly easy- With the Government short of money, HMRC have been given more powers than ever before to look at, and possibly investigate the Business affairs of Sole Traders, Partnerships and Limited Companies. Let’s be clear on this, HMRC are only likely to target and look at Businesses where they believe they can extract more Tax from them. Obviously with any extra Tax extracted, HMRC also look to charge interest and penalties. The penalty regime has really been really beefed up recently, and the new penalty regime easily allows penalties anywhere between 30%-70% of the Tax at stake. In severe cases, the penalty can even be as high as 100% of the Tax!  – Ouch, that can be a considerable amount and is greeted with the same politeness as Alex Ferguson gives the match day 4th official when a penalty is awarded against Man Utd at Old Trafford. (A penalty against Man Utd at Old Trafford??  – Hmm, I don’t think my memory will stretch that far back, ……….or is it that I am just having a visit from those two kindly gentlemen, Mr Alzheimer or Mr Dementia?. – No, it’s not the two gentlemen visiting me, I have remembered now,…………….. It was on Match of The Day with Jimmy Hill presenting the programme, oh yes, and it was in black and white!).

Basically, the Fee Protection Policy we provide through JCL (Jones Cooper Limited), covers all of the professional Fees involved as a result of any intervention by HMRC into your Business affairs, whether this is a compliance visit, HMRC record keeping review, VAT inspection, enquiries or even a full blown Tax investigation. And it covers the full range of Taxes,  – Income Tax, Corporation Tax, National Insurance, PAYE, VAT etc. This means we are able to handle all of the above, with no cost to yourselves. This in turn means because you don’t have to worry about having to pay Professional Fees for us to fight your corner, you tend to find we do not have to concede and accept the version put forward by HMRC, and so in most cases we can obtain a more favourable and successful outcome for you. As a deliberate tactic, we do where appropriate, always make HMRC aware at the start of their investigation that our client does have Professional Fee Protection in place, and so this does hopefully get the message across to HMRC that we will not be a soft touch and are not just going to roll-over and accept anything they say!

In this day and age, with HMRC determined to squeeze as much Tax revenue as they possibly can from all Businesses, (they call it the ‘Tax Gap’ – this is defined as the amount of Tax HMRC believe they can collect, with the strong emphasis on what they believe, against the amount of Tax they have actually collected). To prevent this from happening, all Businesses need to ensure they have sufficient defence mechanisms in place to successfully repel these attacks from HMRC. One such defence is to have Professional Fee Protection. – so don’t leave home without it!

Anyone interested in hearing more about the JCL Professional Fee Protection, then please contact me.

Rickey

Rickey Cooper FFA, FMAAT, ATT
JCL – Jones Cooper Limited

One Response to “Professional Fee Protection – Don’t Leave Home Without It!”

  1. Kev Robinson says:

    A bit long winded today Rick ….I’d lost the plot and given up half way through ……. Sorry

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