Tax Fee Protection Insurance (TFPI)
Tax Fee Protection Insurance (TFPI) is there to protect you and your client’s against unexpected queries arising from HMRC. Policies are specifically designed to protect your practice fee income and to avoid putting a strain on relationships with your clients in the event of an HMRC Enquiry.
2021 in particular will be a year where TFPI policies have become increasingly more important as HMRC inevitably try and recoup as much tax revenue as possible in the wake of the Covid19 rescue packages provided by the government.
TFPI ensures that your practice gets paid for your work at the correct level regardless of your client’s affordability to pay the extra fees incurred. More than 50% of all HMRC enquiries result in no additional tax being due - but often ends with fee costs for your clients being problematic.
TFPI covers a wide range of practice costs, it is a product every accountancy practice should provide and that businesses and private taxpayers should have as part of their financial protection when employing your services.
How HJR can help?
We review schemes and help you to achieve better premiums, increase cover and upgrade services.
HJR Tax provide a consultancy service to assist accountancy firms to find the right TFPI policy for them and their clients. Whether it’s a new policy or renewing existing, HJR Tax can ensure that you have the right policy for you and your clients.
With the number of providers now in the market, each with different levels of cover and benefits, choosing the right TPFI provider has never been so difficult and time consuming. All these providers also regularly update their polices, making the annual task of renewing complex and time consuming for accountancy practices across the UK.
At HJR Tax, we have an in depth knowledge of all the TPFI providers in the UK and constantly track changes to their policies and cover, so you don’t have to. We offer a consultancy service that will ensure you get the highest level of cover for your practice, at the lowest possible premium.
Our consultancy fees are generally less than a few hours of a Tax Partners chargeable time!
For more information, contact our TFPI specialist Mike Scales:
E: firstname.lastname@example.org | T: 01264 726946 | M: 07776 012995