Call 0845 307 1177
Lines open 9am - 5.30pm Monday - Thursday, 9am - 4pm Friday
or email info@pfp.uk.com
- Call 0845 307 1177
- info@pfp.uk.com
- PFP House,
5 Sylvan Court,
Basildon,
Essex,
SS15 6TH
Practice Cover
Key Points
- Practice is insured
- Premium is agreed per client and paid by the practice
- Practice can claim costs against the policy
- No fees are paid to PFP until clients have paid you
- Not all clients have to join the scheme - clients decide if they want to join the scheme
- Difference between subscription and premium is profit for the practice
This is where the accountancy practice takes out its own insurance policy.
A premium is agreed with PFP per client but is paid by the accountant, including IPT.
Clients are invited to join a Tax Investigation Scheme being run by the accountant. The scheme is backed by the insurance but the accountant remains the insured and has the discretion to make claims under the policy. Of course, the client does not have to pay the fees in the event of a claim as they are paid by PFP.
The accountant has the discretion to set the level of subscriptions being paid by the client. They are subject to VAT in the normal way. The excess of the level of subscriptions over the premium due is retained as profit by the accountant.
An accountant does not have to be either DPB/FSA Authorised to operate a correctly structured and implemented Tax Investigation Scheme backed by insurance.
Call us on 0845 307 1177 or send us an enquiry for further information about practice cover tax investigation insurance.
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- Page Reference
- http://www.pfponline.com/684
- Title
- Practice Cover
- Description
- Information about our Practice Cover product
- Keywords
- tax investigation insurance, tax, investigation, insurance, practice, cover
- Created
- 14 July 2009
- Last Modified
- 23 October 2009
Copyright © 2009 Professional Fee Protection Limited. All rights reserved.
Professional Fee Protection Limited is authorised and regulated by the Financial Services Authority. Professional Fee Protection Limited is a company registered in England and Wales. Company registration number 1971993. Registered Office: PFP House, 5 Sylvan Court, Basildon, Essex, SS15 6TH.
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