Fee Protection Insurance is a Scheme that covers the clients of an Accountancy Practice for any professional fees that result from an investigation by HMRC.
By providing a Fee Protection Insurance Scheme the Practice gains comprehensive access to experts in handling tax investigations, supporting them through the duration of any client claims.
And that number of investigations is thought to be rising every single year with any one of your clients able to be selected for an investigation by HMRC: whether that’s a business, a director or an individual taxpayer.
Last year, HMRC added another tool to their arsenal when they launched their £100million super-computer called “Connect”. The powerful new system has the ability to draw data from a number of government and corporate sources to create a profile of that taxpayer’s total income.
Where there are discrepancies, the account is flagged and could result in an investigation. Our Fee Protection Policy is all-embracing and will provide you and your clients with the ultimate protection.
These sources and platforms ranging from Airbnb and eBay to Visa and MasterCard, analysing trends and patterns of behaviour. From the start of the year, HMRC has also been able to gather information from British overseas territories and another 60 countries.