[Richard iSparkle]

Membership is £150 a year with a whole load of benefits .   

Tax protection

Legal protection

Free business banking with co-op with the option to use local post office

Fuel card which saves you about 3p a litre .

Discounted card payment processing service .

And a few others not bad for £150 for one person defo worth the money . Mike

If you're just one person you probably don't need all those things!

seriously though,  I keep looking at it and will when the benefits outweigh the costs for me join.

[Dave Willis]

It's all-right saying you're a member of the fsb but if you've dodged the taxman you're still going to get done, insurance or not.

[CleanClear]

No we are not, a Lock is up not the same as a unit, they have asked for a contract not just our monthly bill that is all that is shown, no our accountant is not new and yes he has withheld our domestic client base as he can only match what we return and as a whole the base is on the software in the office which they will look at, as they are looking for our returns to match our customer base. The lock up is in a small yard with about 7 people renting other lock ups, water and electricity is in with the price they are looking to see if the landlord is legit I assume. Our employee they are looking to see if any cash payments prior to start date have been made and who he say's he is. Relaxing is the lady we employ dose a good job and takes the weight off our shoulders with her work. why so obnoxious and big headed? By the sound of it you have also been investigated.
 As you know once you have been investigated they never let go especially as mistakes on our part were found.
our office is a disused shop we share with a couriers who asked us if we would move in and take part of the shop over, keeps cost down so looking for cash payments to the couriers.

I was just asking you questions about parts i couldn't understand. So, are they investigating because you've been reported to them for 'false accounting' or they are just looking for cash payments? I'm still uncertain?

[♠Winp®oClean♠]

It's all-right saying you're a member of the fsb but if you've dodged the taxman you're still going to get done, insurance or not.

Exactly!!

Or made accounting "mistakes"

YOU are completely responsible for your accounts, if your accountant screws up- it's your fault for not checking & rectifying their work. This is the stance of the HMRC. What insurance does do though is pay for the expense of proving yourself correct- which can be harder than you imagine!

[Ian Lancaster]

It's all-right saying you're a member of the fsb but if you've dodged the taxman you're still going to get done, insurance or not.

Exactly!!

Or made accounting "mistakes"

YOU are completely responsible for your accounts, if your accountant screws up- it's your fault for not checking & rectifying their work.

But if you are paying an accountant to prepare your accounts and he makes a mistake, you have a legitimate claim against him for reimbursement of any expenses incurred by his negligence.

 This is the stance of the HMRC. What insurance does do though is pay for the expense of proving yourself correct- which can be harder than you imagine!

And this insurance can be VERY expensive - an in depth investigation can take weeks so if the insurance has to pay out for an accountant to act on your behalf it can run into many thousands of pounds in salary.  That's what makes the FSB's fee of £150 such good value for money - and it's tax deductible

[♠Winp®oClean♠]

It's all-right saying you're a member of the fsb but if you've dodged the taxman you're still going to get done, insurance or not.

Exactly!!

Or made accounting "mistakes"

YOU are completely responsible for your accounts, if your accountant screws up- it's your fault for not checking & rectifying their work.

But if you are paying an accountant to prepare your accounts and he makes a mistake, you have a legitimate claim against him for reimbursement of any expenses incurred by his negligence.

 This is the stance of the HMRC. What insurance does do though is pay for the expense of proving yourself correct- which can be harder than you imagine!

And this insurance can be VERY expensive - an in depth investigation can take weeks so if the insurance has to pay out for an accountant to act on your behalf it can run into many thousands of pounds in salary.  That's what makes the FSB's fee of £150 such good value for money - and it's tax deductible

No claim against the accountant IF you have signed the accounts off. My accountant (chartered) prepares my self-assessment for HMRC BUT... they send it out to me first to check & sign as correct.

Now, I'll be honest, I don't have a clue whether it is or not, I rely on them to do it correctly (that's why I employ them). So, I don't know whether this is standard practice or not?

[Ian Lancaster]

I'm not disputing your statement, but it seems a bit unfair to me!  We pay accountants for their expert advice, so how can we be responsible for ascertaining that advice is correct?

Your doctor doesn't ask you if you agree the medicine he prescribes is right for you before he gives it; an electrician wouldn't expect you to sign a waiver that you agree his work is correct etc.

The only part we should be responsible for is being truthful in the information we provide to them for them to prepare our accounts.

[Dave Willis]

The way I see it your accountant can only act on the information you give him/her so if your information is dodgy then it's your fault but the accountants neck is on the line too regarding any investigations. Provided they have done their job correctly then it's all down to you.

[♠Winp®oClean♠]

I'm not disputing your statement, but it seems a bit unfair to me!  We pay accountants for their expert advice, so how can we be responsible for ascertaining that advice is correct?

Your doctor doesn't ask you if you agree the medicine he prescribes is right for you before he gives it; an electrician wouldn't expect you to sign a waiver that you agree his work is correct etc.

The only part we should be responsible for is being truthful in the information we provide to them for them to prepare our accounts.

I agree with you Ian, completely. I'm pretty sure though (almost certain) that even still, the responsibility falls back to you. I think the stance is- you employ them, it's your risk if they are filed incorrectly!

Remember, this is the HMRC, normal rules & regulations do not apply. In a court of law, the defendant has to be proven guilty (beyond reasonable doubt) before judge & jury. With your tax affairs & HMRC YOU have to PROVE YOURSELF not guilty, HMRC will make assumptions & these assumptions will be treated as correct unless you prove otherwise, all at your expense too!!

Insurance would be a lifesaver in these circumstances, even if you couldn't prove everything (it's almost impossible when you get right down to the nitty gritty) they can play an important role in reducing any penalty you may be lumbered with.

[♠Winp®oClean♠]

Put it this way, I know a builder who ended up having to sell his home because of a mistake by his accountant!

It triggered an investigation & although the builder hadn't done what he was accused of- he couldn't "prove" it, so the HMRC "assumptions" stood!

[gewindows]

It's all-right saying you're a member of the fsb but if you've dodged the taxman you're still going to get done, insurance or not.

But if you're not dodging the tax-man saying you have nothing to worry about is rubbish. A tax inspection is a costly and timely affair even for those who have done nothing wrong.

[Joe Martin]

No we are not, a Lock is up not the same as a unit, they have asked for a contract not just our monthly bill that is all that is shown, no our accountant is not new and yes he has withheld our domestic client base as he can only match what we return and as a whole the base is on the software in the office which they will look at, as they are looking for our returns to match our customer base. The lock up is in a small yard with about 7 people renting other lock ups, water and electricity is in with the price they are looking to see if the landlord is legit I assume. Our employee they are looking to see if any cash payments prior to start date have been made and who he say's he is. Relaxing is the lady we employ dose a good job and takes the weight off our shoulders with her work. why so obnoxious and big headed? By the sound of it you have also been investigated.
 As you know once you have been investigated they never let go especially as mistakes on our part were found.
our office is a disused shop we share with a couriers who asked us if we would move in and take part of the shop over, keeps cost down so looking for cash payments to the couriers.

I was just asking you questions about parts i couldn't understand. So, are they investigating because you've been reported to them for 'false accounting' or they are just looking for cash payments? I'm still uncertain?

No we made mistakes in the past and got reported, now they are just looking. Its still an investigation.