Tax Investigation Insurance
SarahS
Registered Posts: 60 Regular contributor โญ
Just out of interest, has anyone considered or has anyone actually opted to take out this insurance?
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Comments
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I use PFP for mine - on a client takes it out if they want basis. I did a standard letter and they did everything else. Quite a low take up, but I haven't pushed it.
pm me if you want more details.
Claudia0 -
I agree with Claudia we use PFP for our clients, likewise not a massive take up but again not pushed it.
Another one of them were they all wished they had it once the investigation starts and all moan about our higher charge rate as well.0 -
Has anyone offered this service as an add onto there services - in other words they pay you direct and if an investigation occurs then you forfit your fees?
Just thinking of other ways of getting extra income.
Regards
Tim0 -
This has come up as a suggestion before and, although some people do it, I am sure you need to be authorised by the FSA to conduct such activity.0
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Dean is right - it is a regulated activity, as you are, in effect, selling insurance. Doing it through a third party means that they, not you, have to be regulated.
Claudia0 -
I have had literature through recently on this and haven't had chance to look into it. I might do a standard letter to my clients just to inform them that it is available, but obviously, from what you are saying, not many are interested anyway!0
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They will be if they get an enquiry :001_smile:0
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Hi TC
All that you have to do if you sign up with PFP is do a mailshot letter (they give you a template if you want) and send the letters off to PFP. They then add the literature and post it (at their expense!) to all your clients.
Claudia0 -
That sounds easy. I will do that. Thanks Claudia.0
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I investigated this a while back; I forget who I was looking at, but I had to pay ยฃ1000 up front and then effectively mark up the policies to make that back. Rubbish, and so I didn't say yes.
I'd happily offer insurance if it didn't cost me anything or only a very low fee, but I refuse to do a sales pitch on my clients, but I want to make the insurance available to them if I can. Any ideas?0 -
Faerie
Phone PFP on 0845 307 1177
or have a look at their website
www.pfponline.com
The only cost to me was my time in changing their mail shot to "sound like me" :001_smile: printing out the letters, signing them and posting them to PFP (not the clients). I get a tiny bit of commission from it - but that was not the reason that I did it - but to cover my fees if they were investigated.
Like you, I didn't want to do the hard sell :thumbdown:
They have two tiers of cover - one for full enquiries and a higher one that also covers aspect. Their charges are based on a profile of your company - number and type of clients, previous investigations, charge out rates etc.
If you have any further queries, drop me a pm.
Claudia0 -
Thanks Claudia, I've sent them an email...0
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Has anyone offered this service as an add onto there services - in other words they pay you direct and if an investigation occurs then you forfit your fees?
Just thinking of other ways of getting extra income.
Regards
Tim
We do this. However, Dean and Claudia are correct in what they have said.
After discussions, we don't call this 'insurance' but more of a 'retainer'.
Regards
Dean0 -
I take it you didn't attend the Ethics Workshop put on by AAT this week..
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Already an expert in the field.... :thumbup:0
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