Maybe this is the wrong forum for this, but has anyone seen this insurance either as an added service provided to your clients or something that you have seen your client's tax accountants offer? I have just seen it for the first time and wonder how 'new' this insurance is.
It obviously insures against future accountancy fees provided by the accountant in the event of an inspection/enquiry by HMRC regarding;
VAT
PAYE/NIC
Corporation Tax
Directors Personal Tax
If the company in question already has an in-house accountant or even outsources their accounts to someone likely to visit this forum.....do you think it is something that they need???
I'm sure I have seen something relating to this on this site....maybe a banner ad?......I might be wrong!
we did touch on this some time back as it's something that many accountants try to convince clients that they need.
I'll just see if I can dig out the thread...
Nope, can't find the one that I am looking for although it is touched upon in this one where an over eager accountant made the insurance seem compulsory and maybe lost the client because of it.
The real issue seems to be that one is trying to sell a service as an addition that clients assume they already have by having an accountant and the client does not realise how much time (and hence money) can be involved in an investigastion.
Certainly a service worth offering to clients but considering that you may get a low take up rate I wouldn't plan your retirement on the agent fee's from the insurance sales.
HTH,
Shaun.
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Shaun
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