Is Insurance for Tax Investigation for You? Do you need insurance for tax investigation? If you are an accountant, it might be something that you want to consider. You don’t want to jeopardise your relationship with your clients simply because you had to charge them a large amount of fees in order to resolve their tax investigation. Some tax investigations are easy to resolve, while others can take months if not years. During this time, you are going to do a lot of extra work for your client, trying to resolve the problem to HMRC’s satisfaction. As a result, you have to charge your clients accountancy fees. This can cause your client great financial strain. So, instead of doing this, you can invest a little money each year in insurance for tax investigation. Instead of saddling your clients with fees, you can purchase this protection. You (or your clients) will pay a premium for this protection, and if an investigation happens, the insurance provider will cover part or all of the fees that the accountant has to charge as a result of the investigation. Your Options In general you have two options when it comes to insurance for tax investigation--, and either you can purchase the insurance or your clients can. One of the best insurance providers out there is called Professional Fee Protection, and they provide you with both of these options. Between their client cover option and their practice cover option, you can find something that works for your firm. While these are their two main options, this company is flexible and so are their plans. As a result, they can work with you to create something that works for your company. With the client cover option, your clients pay the premium, and you can choose whether you want to administer the plan or whether you want PFP to do it for you. When PFP administers, you get all the benefits of protection without having to do any work. If PFP administers the plans, they will inform you as to the number of clients who are covered. If you manage the plan, you will ask your clients to buy in, and you will set the rate. In order to manage the plan yourself, you do need to be a DPB/Authorised accountant. Under this plan, you receive a commission for each policy. Your other option is to insure your practice. This is the practice cover option, and this with option, you will pay the premium, which is agreed per client with PFP. You will ask your clients to join your tax investigation scheme, and they don’t have to pay fees if you make a claim. As the insured, you will be the one who can make claims. Your clients will pay a subscription in order to join the tax investigation scheme. Your clients don’t have to join the scheme, and some of your smaller clients might not need or want the added protection. Investing in insurance for tax investigation is a wise decision, and PFP can help you get started today!
Tax investigation insurance cover