Tax Investigation Insurance
The likelihood of a tax investigation or enquiry into one of your clients has never been higher.
Tax enquiry work is the single biggest cause of fee disputes. Clients often don't appreciate the significant work and costs involved. The costs of a tax enquiry can be considerable and in the current climate can put enormous strain on the finances of your clients. Not only can PFP help you support your clients but at the same time we can also help you build extra income for your practice too.
We are able to pay the accountancy and other professional costs associated with:
Self Assessment Full Enquiries (Income tax and corporation tax)
Self Assessment Aspect Enquiries (income tax and corporation tax)
VAT Disputes
PAYE Disputes
IR35 Disputes
Intervention Visits
Helpline Facilities
We are also able to provide bespoke quotations for other areas of risk.
PFP has been recognised as one of the most successful and innovative providers of fee protection insurance in the UK. Our founding director is an ACA who previously specialised in tax investigation work and consultancy. As such we are known as 'the company founded by accountants, for accountants' - a principle that has set high standards for staff recruitment. As well as possessing specialist knowledge of fee protection, PFP staff have a thorough understanding of accountants' working practices and the hurdles faced by individuals and businesses when dealing with the tax authorities.
Regular contact with professional practices means that our policies are continuously undergoing development and improvement to meet the needs of both accountants and their clients. This quality control measure is fundamental to providing the most comprehensive and flexible policies available.
In addition, we offer our clients access to some of the leading industry experts who can provide valuable input throughout the claims process, as well as our own specialist claims department.
As a privately owned company, we are able to adapt easily and quickly to legislative and regulatory change without the burden of the lengthy decision chains found in larger organizations.
We have a long-term binding authority in place with Inter Partner Assistance, part of the worldwide AXA group, which gives us considerable flexibility and control over our insurance contracts and claims. As an insurance intermediary we are authorised by the Financial Services Authority (FSA).
We understand that no two practices are the same, and different accountants are looking for different things from a fee protection scheme. That's why we provide a wide selection of possible options with huge flexibility within each scheme. Whether you want full control of the scheme or a more hands-off approach, we have a solution that can be tailored to your specific needs.
There are essentially two different ways to operate a scheme these being client cover and practice cover.
Client Cover:
Client is insured
Can be administered by PFP or Accountant
Accountant earns commission on each policy
Practice Cover:
Practice is insured
No fees are paid to PFP until clients have paid you
Not all clients have to join the scheme - clients decide if they want to join the scheme
Difference between subscription and premium is profit for the practice