Insuring against enquiries

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT member discussion
Following an article on the 'accountingweb' website, I got a bit worried that I'd never considered this insuance before. The article said that accountants should make their clients aware of the fact that they can insure themselves against the costs involved should their tax returns ever be enquired into, and where possible accountants should try to have some sort of scheme that clients can join.
I've since looked into this type of insurance but the 2 companies I approached said that I don't have enough clients to join (I've got about 35). The only thing they'd offer was a policy which covered all my clients, which of course was very expensive.
I asked someone at an AAT meeting and he suggested I try the Chamber of Commerce or Federation of small businesses but they couldn't help either.
Does anyone know what I can/should do now? What do you tell your clients?

Thanks
Jodie

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Insuring against enquiries

    Hi Jodie. Try a company called abbeytax. They offer both block insurance cover for all clients but also you can take out individual cover specific to your requirements. You can purchase the cover yourself and then if you wish mark up the price and provide it to your client. Speak to their advisers I would strongly recommend them. As far as I know they dont have a minimum number of clients.

    With regards to current advice - as long as you advise your clients that they can obtain insurance cover then you are ok - you merely suggest that they seek this cover! Hope this helps

    Louise Munro
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Insuring against enquiries

    Thanks, I've just got round to having a look now but it turns out they're one of the places I'd tried already :(

    I think I'm going to have to do as you say and suggest that they consider covering themselves if they want.

    Ta

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