Tax Fee Protection Insurance
What is TFPI and why do clients need it?
Tax Fee Protection Insurance (TFPI) is there to protect you (the accountancy practice) and your client’s costs 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. TFPI policies ensure that your practice gets paid for your work at the correct level regardless of your client’s affordability to pay the extra fees incurred.
Evaluating your TFPI options.
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. 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, we 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 is often problematic. Providers also regularly update their polices, making the annual task of renewing complex and time consuming for accountants. At Zeal Tax, we have in-depth knowledge of the UK TFPI sector and constantly track changes to provider policies, 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!