In a large bowl, mix the mayonnaise, honey, mustard, lemon juice, horseradish, paprika, garlic powder, fennel seeds and onion together. Add the peppers and pieces of fennel (if used). Fold in the sliced potatoes. If you like, you can now add the cheddar cheese. Season to taste with salt and pepper and place in the refrigerator for 1-3 hours before serving.