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TAXWISE Fee Protection
What is it? What does it do? What do I need?
HMRC as we all know are looking into the affairs of more and more Taxpayers. Whether you are an individual or a business, HMRC have many ways in which they can look at your Tax calculations and declarations.
Inspectors look into thousands of records each year, always looking to squeeze more taxes. If that happens to you, the cost to defend you can be significant. Your accountant may have to spend a lot of chargeable time to rigorously defend your tax position and at the end of it all you may owe no more tax (you could even be due a rebate!). Your accountant still needs paying. (Here are some recent claim examples).
Having a Taxwise policy in place will pay those fees, allowing you to let your accountant get on with defending you robustly without worrying about the unbudgeted cost.
If you own a business and HMRC look into your affairs, not only will the business records be checked but in many cases Inspectors will look into the personal returns of the Directors /Partners of the business. A Taxwise Policy not only covers the business returns but also all Directors /Partners and their spouses/civil partners. Having a policy will also give your business access to 24/7 telephone advice in the complex areas of Health & Safety and Employment Law
If you are an Accountant you may already have a Fee Protection Scheme in place and benefit from all that having a scheme brings you.
If not you may be interested to know that having a scheme in your practice:
- Can generate additional Income
- Can protect your bottom line
- Can aid client acquisition and retention
- Will give you unlimited access to Vat & Tax Advisors
- Can bring no cost Employee Benefits for your staff
Many options are available to you from All Client schemes to Client Decide. Latest options on marketing are all made available to you at no additional cost. Schemes are also now available for Bookkeepers, tailored specifically for the unique needs of a Bookkeeping Practice whilst still bringing all the advantages that having a scheme in place will bring. It will even cover your delegated Accountants hourly rate
Whatever you need to know about Fee Protection, be it an individual policy or scheme, the team at Solar TAXWISE will be happy to help.
You can call them on 01634 308696.
Email them at firstname.lastname@example.org or visit their website www.solarinsurance.co.uk/p/KenFrost/ and use their live contact facility.
Solar can also arrange your P.I. They have really competitive rates on Accountant & Bookkeeper Professional Indemnity Insurance. You can obtain a quote and buy online with all documents being automatically e-mailed to you.
Have you thought about introducing an Employee benefit into your business, better still how about a product that has benefits for you as well as your staff. An Employee Assistance Programme gives your employees access to a whole raft of benefits as well as providing valuable protection for your business from as little as £20 per employee per year.