audit insurance

digzy

I'm self-employed. a colleague told me his accountant provides 'audit insurance'. I asked my accountant who'd never heard of it!
he advised approaching a broker:rolleyes:
Anyway do any of ye know how to go about this?

J.Ryan

I've heard of certain insurance companies pitching Revenue Audit Insurance to accountants, is this what they are offering?

I think you need to clarify exactly what he is talking about before going to an Insurance Broker, after you clarify what it is, then decide if you actually need it.

CIARAN_BOYLE

digzy wrote: »

I'm self-employed. a colleague told me his accountant provides 'audit insurance'. I asked my accountant who'd never heard of it!
he advised approaching a broker:rolleyes:
Anyway do any of ye know how to go about this?

A revenue audit can be a very expensive thing that happens by chance to a company.

Having all customers pay in for fees to cover the chance that some of them being audited is an interesting idea

digzy

think this is what i'm looking for!

<Mod Edit> No advertising please, even unintentional.

Itchianus

IMHO the only person who could benefit from paying for this type of policy is someone who knows that if they do get an audit there's going to be trouble, involving lots of professional representation. Anyone who has a clear conscience shouldn't really need this kind of cover - they're effectively subsidising the people who do need it...!

viztopia

i know some one who is a farmer and their insurance is with FBD. Part of their policy covers the expense of having a revenue audit which they recently had. they are checking to see what exactly is covered but in my opinion it could only be the accountants cost etc as the possible tax liability of any person could run in to tens of thousands.

digzy

Itchianus wrote: »

IMHO the only person who could benefit from paying for this type of policy is someone who knows that if they do get an audit there's going to be trouble, involving lots of professional representation. Anyone who has a clear conscience shouldn't really need this kind of cover - they're effectively subsidising the people who do need it...!

Brilliant

<snip> Even if you're clean as a whistle the accountant still charges audit fees- despite the fact they've prepared the books initially. Dunno what audit insurance costs-it may be prohibitive- but if the accountant charges in excess of 2k in audit fees and the insurance costs @200 p/a i think thats fair enough. A lot of my colleagues have been audited- I haven't been yet- so i feel there's a fair chance i'll have one within the next 5 years, hence the post!

Itchianus

digzy wrote: »

Brilliant

<snip> Even if you're clean as a whistle the accountant still charges audit fees- despite the fact they've prepared the books initially. Dunno what audit insurance costs-it may be prohibitive- but if the accountant charges in excess of 2k in audit fees and the insurance costs @200 p/a i think thats fair enough. A lot of my colleagues have been audited- I haven't been yet- so i feel there's a fair chance i'll have one within the next 5 years, hence the post!

Not sure what the is about..??

<snip> You came on here to ask about an area in which you have no experience, clearly.

I have plenty of experience of Revenue audits so I know what I'm talking about, and in my experience unless your accountant intends to take the p!ss with their fees for dealing with a straightforward audit, or you know you've been a naughty boy and need protracted representation, then there's simply no way the figures stack up.

It's like any other form of insurance, except that you are actually in control to quite a large extent over whether or not the risky event you're insuring against occurs, and its severity if/when it does. So if you know you are in a low risk category, why pay a flat rate premium which effectively subsidises the high risk people.

Your posting history shows you're an arrogant individual generally; don't assume you can come here and condescend to me the way you do elsewhere on Boards and get away with it, particularly since you don't actually know what you're on about. Good man.

smcgiff

OP posted a link (since deleted), and is happy he knows where to go next to satisfy his own needs. Thread closed.