We are pleased to let clients know that our 2022 Professional Fee Protection Scheme is now open for applications. This includes new applications and renewals – 2021 policies do not renew automatically.
The 2022 scheme runs from 1st January 2022 and covers accountancy fees, including outside specialists, up to £125,000 for a wide variety of Tax Enquiry and HMRC risks over Income Tax, Self Assessment, VAT, PAYE and Corporation Tax.
A new risk for many businesses over the coming year will be HMRC enquiries into the validity of Covid support payments such as SEISS (Self Employed income Support) and CJRS (Furlough) – these are covered under the scheme.
Fees for Tax Enquiries are not covered under our Fixed Fee schemes, so the Professional Fee Protection Scheme provides an ideal complement to our Fixed Fee services.
The premiums are unchanged for the fourth year in a row, being:
- £50 Individual Tax Payers including Sole Traders with turnover of less than £15k/year (not partnerships or companies), and landlords with rental income of less than £50k/year
- £130 Sole Traders with turnover over £15k, and Landlords with rental income over £50k (also directors and partners not covered under the Company/Partnership premium)
- £155 Companies, including Personal Service Companies, partnerships and LLPs – this includes personal cover for Partners/Directors provided any personal Self Employed income and Rental income is below £15k/year and £50k/year respectively
More Information and Application
We are sorry, but we cannot accept payment by Cheque or Bank Transfer for this cover.
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