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Tax Investigation Insurance

Any alternatives to Corner Taxwise?

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Each year Corner Taxwise are increasing their premium without much justification, just wondering any suitable alternatives? I am thinking to give it a go-to PFP!! any thoughts, please?

 

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By Max Maxwell
26th Apr 2021 14:57

Vantage Fee Protect

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Replying to Max Maxwell:
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By atleastisoundknowledgable...
27th Apr 2021 09:31

I don’t use anyone, but had a quote from Vantage in 2019 & 2020 @ £8/client for the practice-wide scheme, which at the time was c£1k. How does that compare to other firms? I only spend about £100pa on tax helplines, so that not a huge driver.

A couple of questions for anyone who gets the practice-wide scheme who then tries to sell the ‘add-on’ to clients:
1. What’s the uptake?
2. How do you tell clients who have turned down the ‘option’ to be covered but are covered anyway, that you won’t be charging them for investigation work? Or do you charge them and ‘double-up’?

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By Mr_awol
27th Apr 2021 10:39

atleastisoundknowledgable... wrote:

2. How do you tell clients who have turned down the ‘option’ to be covered but are covered anyway, that you won’t be charging them for investigation work? Or do you charge them and ‘double-up’?

That's an interesting angle. I'm not sure what is right.

On the one hand, you offered them cover, they declined it, so there's an argument no claim should be made as they didn't want cover - just bill them. That said, you've paid for them to be covered, so it seems stupid not to claim. Plus you may sometimes want the insurers' consultant(s) involved and you probably have a duty to notify them even if not claiming.

Now we've decided we are claiming, but that feels wrong as the client now knows they can just not bother signing up as they will get free cover anyway. So, like you say, do we charge them too? That feels rather dishonest in truth - much as I'd love to get paid twice for everything i do.

I think the only real answer is either charge it on as a compulsory service (and accept some clients may not accept this and you might not be able to land/retain them) or see it as an overhead and don't charge anyone.

If it's £8/client you might as well just stick a tenner on your accs/TR fee and be done with it. I don't know what our policies cost us TBH

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By atleastisoundknowledgable...
27th Apr 2021 11:22

It makes me think is it dishonest (not necessarily the right word, but you get what I mean) to offer & charge for something that you’re giving them anyway?

Lots of my clients are not quite in the race-to-the-bottom price range, but not too far from it. Maybe not increasing their fees but instead the more generous fees disproportionately is the answer to covering costs.

Who knows - suspect it’s one of those things that has no right answer.

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By Mr_awol
27th Apr 2021 12:17

Yes i know where you are coming from. If i booked a hotel, paid £9.95 pp extra for breakfast, then found that the breakfast hall was open for anyone whether they paid or not, I'd be miffed. Or if the garage asked me whether i'd like to pay extra for a car wash whilst it was in for service and found they did that anyway (in fact I've previously thrown a wobbler when a garage cleaned the car - mainly because they slung it through an automated wash, but that's another story).

If Mr client finds out the insurance he bought for the ten previous years was unnecessary because his mate gets free cover, can he claim he's been mis-sold? I doubt it in fact, but the very thought of it makes the charge even less appealing in my eyes.

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By Matrix
27th Apr 2021 16:08

ALISK we insure on a client by client basis as the uptake was so low. Our quote for the whole practice quite a few years ago was about £1k which we wouldn’t have recovered. Although I use the helplines a lot.

We now only offer it to clients who move with existing cover.

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By atleastisoundknowledgable...
27th Apr 2021 16:36

Thanks, good to know re the low uptake.

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By BudgetB
27th Apr 2021 16:50

I did 2 years with Croner, the uptake from clients was incredibly poor so it was ditched after the second year. As an opt in service it definitely doesn't work, I think you either accept that it's a cost to your business, or as someone else said increase everyones fee to cover the cost whether they want it or not. We had no investigations during those two years so I didn't see any benefit out of having the cover at all

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By atleastisoundknowledgable...
27th Apr 2021 17:28

Does it cover work for HMRC querying the return when the first one is a refund? I’m getting a lot of those at the moment.

In the last few months I’ve had my only ever non-VAT query (PPR calc) which took a fair few hours of back & forth.

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By cbp99
27th Apr 2021 12:21

We changed to Vantage last year and roughly halved the annual fee - no downsides so far. And the taxline allows email contact which Croner doesn't.

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