Who offers professional fees insurance? There are four main providers of cover in the UK. These are Abbey Tax, Professional Fee Protection, IRPC and Peninsula. What is covered by it? Either the insurance company will appoint a representative to act for the taxpayer in the event of an investigation or inquiry or it will pay up to around Pounds 75,000 towards the cost of the accountants' time instead of representation costs.
What is not covered? If the tax return has been submitted late, or if a case is investigated by the HMRC's Special Compliance Office which looks at fraud, then claims will not be covered. In other words insurance will be void if you set out to dodge tax in your return. How much does this insurance cost? To buy this type of insurance cover on a one off basis, you can expect to pay about Pounds 80 to Pounds 100 annually. However, it will depend on whether you buy separate cover or through your accountant.
What is not covered? If the tax return has been submitted late, or if a case is investigated by the HMRC's Special Compliance Office which looks at fraud, then claims will not be covered. In other words insurance will be void if you set out to dodge tax in your return. How much does this insurance cost? To buy this type of insurance cover on a one off basis, you can expect to pay about Pounds 80 to Pounds 100 annually. However, it will depend on whether you buy separate cover or through your accountant.
For cover from Professional Fee Protection, which often sells many policies through one firm of accountants, it could cost between Pounds 40 and Pounds 120, depending on how many other people take it out through the firm of accountants that does your tax return.
Is there an excess to pay? "Full" inquiries tend not to trigger an excess but "aspect" investigations could cost the taxpayer the first Pounds 80-Pounds 150 of a claim. Is it worth it? That will depend whether you face an investigation or not. The average cost of a Revenue investigation is Pounds 2,500 but it could cost a lot more or a lot less than that depending on how complicated your affairs are.
Is there an excess to pay? "Full" inquiries tend not to trigger an excess but "aspect" investigations could cost the taxpayer the first Pounds 80-Pounds 150 of a claim. Is it worth it? That will depend whether you face an investigation or not. The average cost of a Revenue investigation is Pounds 2,500 but it could cost a lot more or a lot less than that depending on how complicated your affairs are.
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