Alternatives to fee protection
At present we use Abbey Tax for fee protection on a client decide basis. This is expensive for the client but comes at no risk to us in collecting money from the client to cover the cost (as would be the case for all client cover).
As the cost is quite high for the small business a lot of clients will not take it out. Is it possible to charge a small fee of say £30 to each client which would cover any investigations by HMRC? We would then not charge for anything further should HMRC come knocking. I've looked on ICAEW website and it seems to suggest that we would be offering an insurance product and therefore cannot be done.
I don't agree that it is insurance product but also want to make sure everything is 100% correct. Surely there would be no difference to a practice deciding that the annual fee for accounts would have the added value of covering any investigation that could be launched?
- HMRC interview re client authorisation 443 4
- VAT on new builds 85 2
- Cost of demolition of a shed - revenue or capital? 649 16
- Becoming a subcontractor to Accountancy Practices 325 2
- Rental business through company without owning the property? 96 1
- Pensions Auto-Enrolment when no computer/internet access 88 1
- Bank Interest Held by Solicitor During Divorce 98 1
- Are accountants facing a doomsday scenario? 1,785 26
- Missing tax return 133 2
- Are you going to Tick and Bash on 21 May? 900 24
- CG on Spanish property disposal 268 8
- SSAS Pension scheme 148 2
- Quick Income tax calculation question! 542 18
- Physiotherapy 223 3
- Inflation and fees 1,197 20
- Capital allowances not claimed 145 3
- Changing shareholding ratio 267 8
- CGT help please 130 1
- How much would you charge for an interim audit? 332 7
- Cashflow forecasting software 120 2