Tax Investigation Insurance

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SarahS
SarahS Registered Posts: 60 Regular contributor ⭐
Just out of interest, has anyone considered or has anyone actually opted to take out this insurance?

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  • claudialowe
    claudialowe Registered Posts: 275 Dedicated contributor 🦉
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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.

    Claudia
  • groundy
    groundy Registered Posts: 495 Dedicated contributor 🦉
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    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.
  • marine
    marine Registered Posts: 31 Regular contributor ⭐
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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
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    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.
  • claudialowe
    claudialowe Registered Posts: 275 Dedicated contributor 🦉
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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.

    Claudia
  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    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!
  • PaulPSB
    PaulPSB Registered Posts: 55 Regular contributor ⭐
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    They will be if they get an enquiry :001_smile:
  • claudialowe
    claudialowe Registered Posts: 275 Dedicated contributor 🦉
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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.

    Claudia
  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    That sounds easy. I will do that. Thanks Claudia.
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    I investigated this a while back; I forget who I was looking at, but I had to pay £1000 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?
  • claudialowe
    claudialowe Registered Posts: 275 Dedicated contributor 🦉
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    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.

    Claudia
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Thanks Claudia, I've sent them an email...
  • Dean
    Dean Registered Posts: 646 Epic contributor 🐘
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    marine wrote: »
    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

    Dean
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    I take it you didn't attend the Ethics Workshop put on by AAT this week..


    ;)
  • Dean
    Dean Registered Posts: 646 Epic contributor 🐘
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    Already an expert in the field.... :thumbup:
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