Do You Want to Learn More about Tax Enquiry Insurance?

If you own a business, you have probably heard about tax enquiry insurance. This type of

insurance is often used by accounting firms or businesses with their own accounting

departments. Each year, businesses and individuals alike have to file their taxes. In some

cases these HMRC investigates these tax returns, and these investigations can lead to a

number of fees. The process can be time consuming as well. In some cases you might

simply have to send in some documentation, but in other cases, the process can take months

to resolve.

Fortunately, you can protect yourself by purchasing tax enquiry insurance. For example, you

are an accountant with a number of clients. If one of their returns is investigated, he or she

might be subject to a long and expensive process. If you have insurance, you can make sure

to recoup your costs without having to pass on a lot of the expense to your client. This helps

you build a better relationship with your clients. With some insurance providers, you will also

have access to professional advice, which can help you resolve the investigation even faster.

So, if this sounds like something you would be interested in, do you know where to start? The

first thing that you have to do is find a good insurance provider. A good provider is one that

will work with you to help you create a plan that meets your specific needs.

Professional Fee Protection

Professional Fee Protection or PFP is a UK tax enquiry insurance provider. When you

purchase their insurance, they can cover the professional and accountancy costs that are

associated with IR35 disputes, VAT disputes, Self Assessment Aspect Enquiries, PAYE

disputes, and more. In addition to paying these costs, they also have a specialist claims

department that can help you throughout the claims process.

While they can work with you to create a plan that works for your business, they have two

main options: practice cover and client cover. With practice cover your practice is covered,

and you will be responsible for paying your premium. You will also be able to file a claim, and

you will be able to bring your clients into your tax protection scheme. When your clients

subscribe, you will be able to keep the difference between the subscriptions and the

premium, which you will pay.

With client cover the client is covered, and you will receive a commission for each client who

purchases coverage. When the client is covered, he or she can recover the accountancy fees

in the event of a tax investigation. If you want to manage this plan, you can. If you would

prefer that PFP administer the plan, that option is also available to you.

Some people would prefer to simply risk it. They think that they don’t need tax enquiry

insurance because they do a good job when they submit their returns. However, in some

cases, tax investigations occur even when everything has been done correctly. When you

purchase tax enquiry insurance, you can rest assured that you and your clients are

protected!

Tax enquiry