I am looking to offer some of my clients the option of an annual tax investigation insurance; as this is something that they have received historically with their previous accountants. Would anyone be able to make a recommendation of an Insurance broker who can provide such service? I have been asking my Professional Liability Insurance Broker but have not been very successful. Any suggestions would be appreciated.
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At the firm where I work we use Corner Taxwise.
Can't comment on price or payouts but they have defiantly paid out on several occasions on jobs I've been involved in.
They have a free tax helpline with the fee protection insurance which is helpful but I have noticed their unwillingness to actually put stuff down in writing. They are likely to call and speak to you in person.
Quick search on the site throws up these:
https://www.accountingweb.co.uk/any-answers/fee-protection-insurance-12
https://www.accountingweb.co.uk/any-answers/fee-protection-insurance-10
might be worth a read. Several alternatives mentioned in those threads.
Yes, agree with the reluctance to put advice in writing. I usually have to insist on it, saying I need something in writing to show to the client, which so far has worked.
At the firm where I work we use Corner Taxwise.
Can't comment on price or payouts but they have defiantly paid out on several occasions on jobs I've been involved in.
I don't know that defiantly paying out is much of a recommendation.
Viciuno wrote:
At the firm where I work we use Corner Taxwise.
Can't comment on price or payouts but they have defiantly paid out on several occasions on jobs I've been involved in.
I don't know that defiantly paying out is much of a recommendation.
haha, got me there! Meant to say "definitely"
We use Croner Taxwise. They have always been very helpful. They even do the marketing to the clients and collect the premiums for no extra charge.
I used to work for a practice and attended a meeting with a sales guy from Taxwise.
He seemed odd. We googled his name after the meeting and he was a former accountant done for fraud.
It was good to see that his talents hadn’t gone to waste, and he could use them as an insurance salesman.
Yes, another for Taxwise. Not had to claim very often, but when I do it's a simple process and results in prompt payment.
I was always against compulsory fees insurance but, frankly, the global premium is so low that everyone is covered unless they opt out, e.g. Nat Fed Self Employed members etc., who already have cover elsewhere. Without exception, everyone is happy.
I base the premium recharge on a percentage of the fees, so clients pay between £10 and £150 or so and I'm still left with a nice little 'admin fee'.
I have never had an investigation in all my years of practice and neither had my dad whose practice I took over - thats at least 30 years. However, with MTD (supposedly) on the horizon I have given this much thought and in the end decided to take the plunge. I decided to go with Taxwise. As andy says they do the marketing and I have found them to be very helpful. The bestest value is being able to contact them with any technical question via their helpline. They come back to you very quickly - you dont have to wait hours.
Saying that I did have a query about completing a EU Sales form where they couldnt help but they admitted it (the question was a bit unusual). Otherwise their advice has been good.
Its the practice as a whole that is covered(you can pay for individual clients but its not worth it for my lot. So I pay the premium and charge clients a proportion relative to their gross income giving myself a bit of profit so in effect I'm getting everything incl the advice line for free.
By the way... On looking on this site for advice before signing up I asked how the service was 'sold' to clients. Following comments I include the cost in the clients fee but give them the option to opt out - they havent.
I've used Abbey Tax, Taxwise, Qdos, and CCH over the years. Taxwise were probably my favourite for easy dealings and no hassle payouts. CCH probably were the most picky over claims, and did squeeze us on a couple.
We now use Qdos having moved form Croner Taxwise. Qdos are very helpful and provide a tailored service. We had been with Wolters Kluwer until they became Croner for many years. Their service has gone downhill
We use QDOS having moved from Croner who did not seem interested in my relatively small business!
Very happy so far but no claims made!
Both in my current firm and my previous one we used Abbey Tax and I have always found them helpful and not aware of any issues from my numerous colleagues either over claims etc.. In addition, they have provided guidance over how to handle particularly difficult issues with HMRC enquiries.
They also have a helpline covering all the taxes that has again proved helpful and informative.
I'm a one-man limited company. I used CCH and then moved to Taxwise, who then merged to be CronerTaxwise.
They have a small firm policy at around £1,800 pa. Spread that costs over nearly all my micro-limited companies and a handful of tax returns/sole traders.
I make fee of around £5,000 to cover the £1800 cost.
Very happy with CronerTaxwise.
You may look at ICPA that work with small firms and they through in lots of benefits eg free CronerTaxwise insurance
We've used both tax wise and abbey tax.
Both are very easy to deal with.
They will even do the mail merge to clients (saving you on postage) and if you want will even collect the premiums directly from clients. They then pay you the profit.
As far as claims are concerned, they are both a piece of cake and I've never had one declined or queried.
Abbey were slightly cheaper and I had build up a rapport with the account manager. Highly recommend them.
I use Abbey Tax. Helpline is brilliant - very helpful. I put first claim in yesterday and approved this morning.
Hi, feel free to contact me below. I have been in fee protection for over 14 years (sad I know!), having worked at Taxwise for 7 years, now I am at Qdos Vantage. We offer a market leading policy (Probate, SDLT, Auto Enrolement, ADR etc.) online claims, practice and client technical helplines (in-house), full mailing support (foc), competitive pricing for both Client Decide and All Client schemes with no minimum premium requirement, and of course regulatory guidance. Additionally we offer free access to Tolleys CPD webinars for your whole firm, free IR35 assessment etc., and importantly we are not looking to cross sell additional services such as seminars etc. into your client base. Contact: www.qdosvantage.com Vee Babla: 07772 981331 or email: [email protected]