Hi,
I know there are a few providers that look to tie in with accountants and resell protection insurance to a client.
At present I don't have an arrangement such as this; however, it has crossed my mind to do it. Generally, I have offered it myself as most of my clients are small and I can usually deal with any enquiries quickly and efficiently.
However, a potential client has asked me specifically for this. Are there any firms that offer it directly to the client on a one off / referral basis without me having to sell it to the client?
Regards
Phil
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Replies (10)
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Ask him to check
his insurance policies many clients already have the cover but do not realise it or tell them to join FSB as sub includes this cover
i have just looked at a Lawyers bill
on the bill it adds 8% to the fee as a contribution to their costs , thieving bastards
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on the bill it adds 8% to the fee as a contribution to their costs , thieving bastards
Haha! I just laughed out loud at that reply!
PFP do a scheme
PFP (Professional Fee Protection) do a scheme (for small practices) where you basically hand the client the policy blurb, client pays PFP direct, job done. PFP agree a fee structure with you, either at cost or a mark up of your choosing (up to you whether you want to make anything from it).
I got fed up hearing from new clients "my previous accountant offered this", so decided on this scheme. Works for me as I didn't want any cash outlay & have to sell to clients to recover the cost.
Hope that helps.
Thanks for the feedback, very useful
I had already mentioned FSB to him
Am going to take a look at PFP
I use taxwise ...
... client by client, they mail out all my clients on my letter head, those that want send me a fee, I notify taxwise via a spreadsheet they provide and send them the amount the spreadsheet spits out.
http://www.peninsula-uk.com/business-services/tax-advice/fee-protection.asp
There is no minimum take up and you get a VAT and Tax helpline too (plus whatever mark up you decide - just be warned there is VAT and IPT to consider, so if they say it will cost £50 for a personal tax return client, you will have to pay them £52.50, so will need to charge the client £63.00 (£52.50 + VAT) minimum to breakeven (assuming you are VAT registered).
Oh, and no excess!
I use CCH
... they cover the whole practice for a per client amount and then down to me how I want to recover that from clients. Have used this scheme for years and they are sensible at paying out including aspects which is a bonus for clients. Offer a free helpline which clients can access too. Did use PFP many years ago but had issues with them not paying out.
Abbey Tax are very good....
.... and offer great free helplines (tax, legal, employment) for both the accounatnt and the client. By the way I believe we all have an obligation to advise clients that this insurance is available (even if we choose not to offer it) as part of our duty of care. Also, check who will be nominated to do the work as I think some insurers have a panel. It would be sad to see the work from an enquiry going to another accountant!
FSB
Members of the Federation of Small Business get some professional advice for free in connection with Tax enquiries. Also some free legal advice on other matters such legal issues surrounding employees and retaining business trading licences.
Provided by Abbey Legal Protection. Claim limit £50,000.
I don't know if the FSB services are greater or lesser than accounting practices would obtain for clients, my guess is the FSB offerring is more comprehensive / wide ranging but at a higher price than tax-only professional fee protection.
There is a sliding scale of FSB membership fees, starting (first year joiners) at around £150.
Other benefits accrue to FSB members such as free banking with Cooperative Bank.
Taxwise
I use taxwise as well - good helpline and they pay-out quickly when you make a claim. I have an 'all-clients' policy (as opposed to 'client decides') and I choose not to recover the cost from my clients ... enquiries are comparatively rare, but clients appreciate it when you don't charge them for the work, and it takes away my stress about how much to bill them.