Tax Investigation Insurance - essential for a Ltd. Company?

[KernowQueen]

we're changing accountants soon. we have some level of cover with our current one as an amount of £65 net for Enquiry Protection Fee is on their year end accounts invoice.

from the enquiries i've made for a new accountant, this cover doesn't seem to come as standard, perhaps this is because they are remote/online accountants?

have you got cover? how much does it cost if it's on a separate policy?

our Company & Personal set up is about as straight-forward as you can get but I believe these investigations can costs thousands, so this seems like a 'must have' insurance, doesn't it? :|

thanks

 

[CassioAcc]

I make clients aware that it is available but leave the choice up to them. Although we offer fixed fees, additional work is charged as incurred. It is there for peace of mind as a full investigation has the potential to rack up the fees.

The provider I use charges £125 for the Full Enquiry cover.

 

[QuickHomeBuyers]

My acc has a band based system. I have a cover which covers one company in £300k- £1m for £125ish a year. Also covers personal tax as well.

 

[MyAccountantOnline]

I make clients aware that it is available but leave the choice up to them. Although we offer fixed fees, additional work is charged as incurred. It is there for peace of mind as a full investigation has the potential to rack up the fees.

The provider I use charges £125 for the Full Enquiry cover.

That's exactly what I do and the premium is the same (PFP).

Most accountants will offer insurance or make clients aware of the insurance and point you in the direction of an insurance provider.

 

[KernowQueen]

is PFP a provider for this insurance? what do i need to know about the different levels of investigation? basic cover would be 'enquiry' up to 'full investigation' presumably? sorry, this is a completely new one on me so i'm not too sure what i need to be asking!

 

[MyAccountantOnline]

is PFP a provider for this insurance? what do i need to know about the different levels of investigation? basic cover would be 'enquiry' up to 'full investigation' presumably? sorry, this is a completely new one on me so i'm not too sure what i need to be asking!

Yes PFP is a fee protection insurance advisor. Their website is here

In a nutshell you generally get Aspect cover for very basic enquiries from HMRC and Enquiry insurance for what some refer to as full investigations but have a read on the PFP website it explains the cover they offer in detail.

I'm not sure if you can insure direct with PFP I believe it's only via an accountant?

 

[elaine@cheapaccounting]

our is £99 plus vat for all clients

 

[MyAccountantOnline]

Just an added thought if you are looking for insurance providers another well known provider is AbbeyTax - I think they offer insurance cover direct to businesses as well as via an accountant.

 

[doi_swilkinson]

FSB
They provide within the membership fee,plus all the other benefits

Stefan

 

[PhilWarman]

Also check your business insurance as some include this cover within the policy FOC

 

[elaine@cheapaccounting]

Also check your business insurance as some include this cover within the policy FOC

wow that is good - for fully tax investigation cover?

I know a lot have a help line but I haven't seen full cover for investigations - can I ask which company you use that has this. Thanks

 

[KernowQueen]

Also check your business insurance as some include this cover within the policy FOC

i've just had some info from our insurers today, it's definitely not already included & they can only offer a full 'legal expenses' type cover for £122 p/yr which includes other areas we don't need.

 

[PhilWarman]

wow that is good - for fully tax investigation cover?

I know a lot have a help line but I haven't seen full cover for investigations - can I ask which company you use that has this. Thanks

Many package policies (shops etc.) include legal expenses but then there are brokers who include products fin the clients portfolio from the likes of DAS or Composite Legal which give the cover Elaine.

Who do you use for yours? and are you checking that your client doesn't already have the cover prior to offering it to them? don't want any double insurance!

 

[PhilWarman]

i've just had some info from our insurers today, it's definitely not already included & they can only offer a full 'legal expenses' type cover for £122 p/yr which includes other areas we don't need.

It may be areas that you don't need at present but who knows if you may need some employment advice or something in the future. The cost seems similar to that charged by accountants just for the investigation cover.

Have you never been offered this at renewal time?

 

[elaine@cheapaccounting]

Many package policies (shops etc.) include legal expenses but then there are brokers who include products fin the clients portfolio from the likes of DAS or Composite Legal which give the cover Elaine.

Who do you use for yours? and are you checking that your client doesn't already have the cover prior to offering it to them? don't want any double insurance!

I have yet to find a general policy that covers the cost of tax specialist for investigations. This is very different to general legal cost coverage.



Many say that they do but when tested


Please note that I am not a financial advisor or insurance seller but an accountant.



I suggest to clients that they get cover and provide details of a scheme available.


[FONT=&quot]I feel that I perform my duties to clients as I need to thanks[/FONT]