Professional Fee Insurance – Why You Need It!!

Ray Stewart Bookkeeping, Business, General, Tax Matters 0 Comments

Recent activities of the Tax Office now make professional fee insurance against Tax/VAT Investigations essential.

The new investigations start innocently enough by HMRC saying they merely wish to look over your business bookkeeping. This has led people into a false sense of security thinking that it is not a full investigation and catching them off guard.

But as sure a night follows day, something will crop up in this review of the books which turn the whole thing into a much more sinister in-depth investigation.

Why is insurance necessary?

Most accountants are like your local doctor. They deal with the day to day problems and issues that crop up but are not experts in dealing with these new investigations. Like your GP, would you want them doing open heart surgery on you in their consulting rooms? Probably not! You would expect them to refer you to a consultant who does nothing else but the operation you need.

Your accountant is likewise a general practitioner. They may deal with two or three investigations a year, but they are not experts. An in-depth investigation can rack up professional fees of £’000’s.

If you are covered by insurance, you have access to the best consultants available who work hand in hand with your accountant to get the quickest and best result they can without any costs to you.

If you are not covered by insurance, you foot the bills yourself and will probably rely on your accountant. This will not give you the best outcome and will cost you dear in terms of time, fees and tax!

Don’t go another day without this insurance. It is as necessary as car insurance!

~Ray

Ray Stewart
I am a qualified Certified Practising Accountant having passed my final exams way back in 1981. I actually can’t believe that was 33 years ago!! Anyway, I am now in my 50’s and I have been running my own business since May 1983. And before you ask, no, I have never regretted a moment of it! Part of the membership requirements of my professional body now dictate that I spend quite a lot of time on “CPD” - continuing professional education (one of their better ideas) - and over the last two years I decided to study business growth and marketing. I have learnt such a lot and that knowledge has radically changed my old “accountants” approach to business. It has made such a difference to the way I work and operate I feel that I just have to pass on this knowledge. It is simply too powerful to hold back!! - but I will try and do it in simple terms rather than expecting you to spend hours, as I had to, working through the difficult language that trainers seem to use to pass on their concepts. I hope you find the blog a useful resource and interesting place to visit as the months pass. I will do my best to keep up the flow - but if there are any topics you would like me to cover, then please let me know. Ray Stewart
Ray Stewart
Ray Stewart

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