insurance claim on farm policy for revenue audit

lakill Farm

Hi,

has anyone ever claimed on an insurance policy where the policy covers revenue audit? Have a new client who paid an old accountant just over €3k along with all other substantial fees and now im appointed in the last 3 weeks and 5 years work has to be redone at the request of the revenue auditor because he isnt happy with previous agents work for work 2008 to 2012 for VAT and Income tax.

My client is with FBD and has a farm peril policy . Any one have any experience claiming on the insurance policy for same?

whelan1

yes, they will only give you the accountants fees... i claimed about 3 or 4 years ago, no problems. edited to say was with fbd

lakill Farm

whelan1 wrote: »

yes, they will only give you the accountants fees... i claimed about 3 or 4 years ago, no problems. edited to say was with fbd

Thank you Whelan1. If he got the fees it would be a help to him and the family.

just do it

lakill Farm wrote: »

Hi,

has anyone ever claimed on an insurance policy where the policy covers revenue audit? Have a new client who paid an old accountant just over €3k along with all other substantial fees and now im appointed in the last 3 weeks and 5 years work has to be redone at the request of the revenue auditor because he isnt happy with previous agents work for work 2008 to 2012 for VAT and Income tax.

My client is with FBD and has a farm peril policy . Any one have any experience claiming on the insurance policy for same?

Surely the previous accountant should be doing it for free as the work wasn't to a suitable standard in the first instance?

blue5000

There might be legal implications involved in this, the previous accountant should have a duty of care with the client. Although when this ends is the problem, mind how you go Lakill.

whelan1

blue5000 wrote: »

There might be legal implications involved in this, the previous accountant should have a duty of care with the client. Although when this ends is the problem, mind how you go Lakill.

agree entirely... i would thread very carefully when revenue etc are involved....

ravima

FBD do provide the cover, depending on the sections of the Farm policy you take out. Talk to your local FBD office. At least they'll see you right.

Justjens

Had an audit last year and when I contacted Aviva I was told that I should have contacted them before the actual audit.

They like to have an indication of what the cost will be with the accountant before the audit starts, and then you have to keep in contact with the underwriters if it will exceed the agreed cost.

Luckily my claim was relatively small and it was suggested that I lodge a claim anyway and see what would happen, thankfully they paid.

whelan1

Justjens wrote: »

Had an audit last year and when I contacted Aviva I was told that I should have contacted them before the actual audit.

They like to have an indication of what the cost will be with the accountant before the audit starts, and then you have to keep in contact with the underwriters if it will exceed the agreed cost.

Luckily my claim was relatively small and it was suggested that I lodge a claim anyway and see what would happen, thankfully they paid.

was absolutely no problem with fbd, i actually didnt know i had that cover, only i mentioned it to them that i had just had an audit i wouldnt have known...

delaval

lakill Farm wrote: »

Hi,

has anyone ever claimed on an insurance policy where the policy covers revenue audit? Have a new client who paid an old accountant just over €3k along with all other substantial fees and now im appointed in the last 3 weeks and 5 years work has to be redone at the request of the revenue auditor because he isnt happy with previous agents work for work 2008 to 2012 for VAT and Income tax.

My client is with FBD and has a farm peril policy . Any one have any experience claiming on the insurance policy for same?

Are you asking about a claim against the accountants shoddy work?
Are you asking about reclaiming your accountants fees is the case of an audit?

My reason for asking, we had an audit last year charged €800 by accountant and now an curious as to wheather I can claim?

whelan1

delaval wrote: »

Are you asking about a claim against the accountants shoddy work?
Are you asking about reclaiming your accountants fees is the case of an audit?

My reason for asking, we had an audit last year charged €800 by accountant and now an curious as to wheather I can claim?

you can only claim the accountants fees, not the penalty from the revenue

delaval

whelan1 wrote: »

you can only claim the accountants fees, not the penalty from the revenue

No penalty TG will follow up tomorrow. thank you

moy83

Why would the revenue want the accounts redone Lakhill ? Are they giving the fella a chance to put things right before they look at them for an audit ?

Justjens

whelan1 wrote: »

was absolutely no problem with fbd, i actually didnt know i had that cover, only i mentioned it to them that i had just had an audit i wouldnt have known...

AFAIK FBD and Aviva use the same underwriters, in my case the fees were not huge, but I would imagine in a business with a large turnover the accountants fees would be substantial and prior arrangement would be essential.

Just as a note: anyone facing an audit would be well advised to contact their insurer as soon as they are notified by the revenue.

Cavanjack

lakill Farm wrote: »

Hi,

has anyone ever claimed on an insurance policy where the policy covers revenue audit? Have a new client who paid an old accountant just over €3k along with all other substantial fees and now im appointed in the last 3 weeks and 5 years work has to be redone at the request of the revenue auditor because he isnt happy with previous agents work for work 2008 to 2012 for VAT and Income tax.

My client is with FBD and has a farm peril policy . Any one have any experience claiming on the insurance policy for same?

Yeah claimed it off fbd a few years back. No problem getting it.

lakill Farm

moy83 wrote: »

Why would the revenue want the accounts redone Lakhill ? Are they giving the fella a chance to put things right before they look at them for an audit ?

No. It was either get it redone or they were going to issue assessments as the work was "questionable"

delaval

delaval wrote: »

Are you asking about a claim against the accountants shoddy work?
Are you asking about reclaiming your accountants fees is the case of an audit?

My reason for asking, we had an audit last year charged €800 by accountant and now an curious as to wheather I can claim?

Contacted FBD today and I am covered.

The cover is up to €35k fees. You will not get anything if there is a penalty.

Cheers very useful thread:):):)

whelan1

delaval wrote: »

Contacted FBD today and I am covered.

The cover is up to €35k fees. You will not get anything if there is a penalty.

Cheers very useful thread:):):)

just to clarify fees are covered but not the penalty

delaval

whelan1 wrote: »

just to clarify fees are covered but not the penalty

I was informed that if you have a penalty you get no claim!!!

whelan1

delaval wrote: »

I was informed that if you have a penalty you get no claim!!!

i had a penalty and claimed for my accountants fees off fbd, think the fees where around 1300, penalty wasnt much more than that tbh... i got the 1300 off fbd... maybe things have changed since then

Layinghen

Justjens wrote: »

AFAIK FBD and Aviva use the same underwriters, in my case the fees were not huge, but I would imagine in a business with a large turnover the accountants fees would be substantial and prior arrangement would be essential.

Just as a note: anyone facing an audit would be well advised to contact their insurer as soon as they are notified by the revenue.

Aviva and FBD are two completely separate companies with their own underwriters. The cover they provide for farmers is similar, some parts almost the same and others different.