Fee Protection Insurance
McLean Reid have offered fee protection insurance for many years, and having this cover has paid off for many clients both in terms of peace of mind and financially. Our largest insured case in 2007 saved some £3,000 by having the cover, and another case has now been running for two years and will take months to settle.
Now that HM Revenue and Customs have begun to adopt a much more aggressive stance, and to pay commission to their investigators, it has never been more important to insure against the impact of a tax investigation.
Given the increased resources being allocated to investigations and the pressure from the Treasury to collect more tax, it is vital for businesses and individuals to be fully prepared, as even a routine tax enquiry perhaps triggered by something interpreted as unusual on a tax return, or a purely random enquiry, could cost thousand of pounds in accountancy fees.
An investigation by HM Revenue and Customs can at best be time consuming and disruptive, and at worse extremely expensive and upsetting. Insuring against this scenario at a modest premium through our scheme (administered by Peninsula) should leave business owners with one less worry at a time when the business – and life – has to continue despite the investigation.
Normally insuring the Company, where the business is limited, will also cover the directors and full details are available from partner John Champion (non-clients are not eligible for this specific cover, however something similar may be available through our associated IFA firm, Champion Financial Advisors www.championcfa.co.uk). |
