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The contract
The client of your practice is the insured. As the practice is promoting and administering the insurance through the clients, it is engaged in insurance mediation which is regulated by the Financial Services Authority (FSA). As a consequence, the practice will have to be authorised by the FSA or licensed under the relevant Designated Professional Body (DPB)to mediate in non-investments insurance contracts. It will also have to have the requisite level of Professional Indemnity Insurance in place in order to comply with regulation.
The Cover
The practice is the designated agent to deal with all claims arising and the limit of indemnity for any one claim is £75,000. The standard areas of cover are:
• Self Assessment Full Enquiries
• Employer Compliance Disputes
(PAYE, NIC, P11D and IR35)
• HM Revenue & Customs VAT Disputes
The policy excludes Aspect Enquiries but these can be included for an additional premium in order to match the practice's requirements and client profile. In order to keep the premium at commercial levels, we will often suggest that Policy excesses and lower limits of indemnity are incorporated.
Types of Scheme
All-Client arrangement: all business clients are declared for cover; personal tax clients can also be included at the practice’s discretion. Client numbers can increase by up to 10% during the period of insurance without additional premium being charged. No client list is required.
Client-Decide arrangement: covers only those clients who pay the premium. All business clients must be invited, in writing, to subscribe. There is normally a common renewal date, so clients can join throughout the year at pro rata rates.
IPT/VAT & Commission
Insurance Premium Tax (IPT) is charged at 5% on the premium that Abbey Tax charges to the practice. If the practice applies a mark up to the premium to cover its administration, then this needs to be disclosed. Practices should contact their Institute or Association to discuss disclosure requirements.
Scheme Support
As a standard element of our schemes, you will receive scheme administration support and access to our complementary services
• Scheme Administration Support
- Dedicated Client Services administrator to manage your scheme
- Extensive suite of marketing literature
-Support and advice to boost client subscription levels
• Complementary Services
- Practice has access to Tax & VAT Consultancy
- Practice and clients have access to free Business Legal Helpline
The Policy
Please visit the download centre to download a copy of the policy
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