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Do You Need Tax Investigation Insurance? Many accountants and business owners, especially small ones, struggle with the question: Do I need tax investigation insurance? Is this something that will protect me or am I just wasting my hard-earned money on something I don’t really need? These are legitimate questions, and as a business owner it can sometimes be difficult to see what really requires your investment and what you can do without. Before you decide if you need tax investigation insurance, you need to understand what it is. What is Tax Investigation Insurance? Tax investigation insurance is a type of insurance that will cover you if your taxes end up being investigated. By paying your premium, you have the ability to retain professional representation in the event of a tax investigation. Business owners can obtain this insurance for themselves, and accountants can protect themselves and their clients with this type of insurance. Overall, this type of insurance is typically inexpensive. Tax investigation insurance can also protect you and your clients from the costs that you might incur when you’re involved in a tax investigation. As a result, many people do choose to invest in this type of insurance to protect themselves and their clients should an investigation occur. Where Do I Start? If you are an accountant who wants to invest in tax investigation insurance, you have a number of options available to you. One of the best places to start is with an experienced company called Professional Fee Protection or PFP. This is an insurance provider, and they can provide you with tax investigation insurance that works for your business. They have two options when it comes to tax investigation insurance including client cover and practice cover. With client cover the client is covered by the insurance, and you receive a commission for each policy. You can choose to manage the policies or PFP can manage them for you. If you want to manage the policies, and set the policy price, you must be a DPB/Authorised accountant. With practice cover the practice is covered under the policy. Your clients can choose whether to join or not, but you don’t have to pay until your clients have paid you. You can profit off of this option because you get to keep the difference between the subscription and the premium. The insurance provided by PFP can help you pay for VAT disputes, IR35 disputes, self assessment full enquiries, PAYE disputes, and more. The employees at PFP are


experienced when it comes to the world of accountancy. In fact, the founding director of the company is an ACA. This just shows you that this company understands you and understands where you are coming from in terms of what you do on a daily basis. As a smaller, privately owned company, PFP is flexible and quick on its feet. The company can easily stay up to date, quickly adapting to any legislative change. Whether you want to manage a policy yourself or you want someone else to do it for you, you cannot go wrong with PFP. They can create a plan that works for you and for your company. If you want to learn more about the way that PFP works and how they can help you with fee protection insurance and tax investigation insurance, you should contact them today. Hmrc tax investigation insurance


Do You Need Tax Investigation Insurance?