We are pleased to let clients know that our 2023 Professional Fee Protection Scheme is now open for applications. This includes new applications and renewals – 2022 policies do not renew automatically.
The 2023 scheme runs from 1st January 2023 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.
An risk for many businesses is 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.
Premiums
The premiums are unchanged from last year 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.
Please take time to read:
- The Terms and Conditions of Cover –Terms and Conditions of Cover
- The Full Specification for the Scheme – Whitefield Tax Professional Fee Protection Scheme