Better value tax investigation insurance?

Cash_Cow

Had this with my accountant last year but they are profiteering a bit and its gone up by £50 this year to £200.

Looks like its a nice little earner for giving an insurance company my personal details - they get in touch and give accountant a kickback.

Does anyone know of a better deal out there - this feels a bit like GAP insurance that car dealers try to rinse you on I'm afraid.

FSB do tax investigation insurance perk for about £150 membership fee but dont think it would cover personal and other non main business income/wife?

Thanks

00ec25

you are correct that shopping around will likely get it cheaper

you are also correct that (respective) professional bodies often offer it as "inclusive" of their fees, but as you say the policy wording may have things that bite when you need it.

£200 is certainly higher than ours charges. Just keep looking.

Cash_Cow

They all seem driven by the business model of the accountancy practice reselling it but them handling all the admin for them! No one seems to want to deal direct with end clients. I did find one for £180 (Solar) but not worth bothering with as the saving is minimal.

anselld

If you have any property income join RLA for £80.
The member is covered plus any business solely related to property.
Not wife I guess.

Cash_Cow

I do - top tip! Must make sure it covers the main (non letting) business too though, as well as personal tax return and VAT investigations (lettings business is non VAT)?

anselld

Cash_Cow wrote: »

I do - top tip! Must make sure it covers the main (non letting) business too though, as well as personal tax return and VAT investigations (lettings business is non VAT)?

It does cover VAT, but the main caveat is ...
"where a business is being investigated, the sole purpose of that business must be as a vehicle for providing services as a landlord or property agent"

So your main business would not be covered by the sound of it.

This is the policy wording ...
http://www.rentguard.co.uk/PolicyWordings/PolicyWording-AMTRUST_2148_511068.pdf

Cash_Cow

Thanks a lot - sadly its unsuitable. Much appreciated though.