Fee Protection Insurance

MonsoonMonsoon Font Of All KnowledgeFMAAT, AAT Licensed Accountant Posts: 4,069
Hi all,

It's renewal time again and I'm considering my options.

I'm currently with PFP. They do all the marketing, mailshot my clients etc, and we get a free Legal Helpline with it, which is excellent. The rates are ok but I am sure I could get better, or have extra good stuff thrown in.

Does anyone recommend anyone else?

Thanks

Comments

  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,440
    I use Taxwise. They can also do all the marketing but I choose to do it myself at the initial meeting. I think I get a good deal and don't use it to make money more to have an additional service that protects both me and the client.

    If you would like an idea of the rates I pay PM me or email me
    Regards,

    Burg
  • deanshepherddeanshepherd Font Of All Knowledge Registered Posts: 1,809
    I use TaxWise too.

    On a client decide scheme paying out £120 p/hr I am charged £70 for LTDs, £60 for ST/PShip and £25 P.Tax only (all plus IPT).

    Be interesting to hear other peoples rates/quotes.
  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,440
    I used a client decides scheme first year. I paid roughly £90 ltd co, £75 sole trader and £25 individual on a £70 charge out.

    I then chose to go to an all client scheme but I would still let clients decide. I now pay £160 a month and Cost is now around £30 per client signed up. I review this each nov and decide for the year ahead.

    My thoughts are it provides me with cover as well so I make little / no money on it.
    Regards,

    Burg
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,069
    Ok so I can definitely get a better deal.

    I've been quoted at renewal:

    Personal tax £27.24
    Sole trader £67.45
    Partnership £72.64
    Ltd Co £113.30

    That's on a chargeout of £110ph.

    I've not been in a position financially to cover the whole practice up until now, but I guess I could consider it at this stage. The problem is, I know it's worth it but I'm not convinced because in 8 years of doing this I can count the number of enquiries I've had on a closed fist. I know that means that the odds are stacked against me and I'm waiting for one to turn up, but because I've never had it, I don't feel like the insurance is worth forking out over a grand a year for (and my clients wouldn't pay extra for it - I get very little takeup).
  • JodieRJodieR Experienced Mentor Registered Posts: 1,002
    Monsoon was that through Taxwise too?
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,069
    No, PFP.
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