Accounting Services For TV Actors

What Is Professional Indemnity Insurance?

Professional indemnity insurance is the most important type of insurance that your business should have if you are a sole trader or partnership. This type of insurance protects you against claims made by clients.

Professional indemnity insurance will cover you and your business from the everyday risks that can come with being a sole trader or a business partner. Imagine a mistake has been made, the costs that are potentially applicable in correcting that mistake, and the losses which could have occurred as a result, which you could potentially be liable for.

While it’s worth noting that these cases are rare, they do happen every year. Without professional indemnity insurance, you and your business are at huge risk every day you operate. Insurance is an affordable and tax-deductible safety net for your business.

Why Do We Recommend Professional Indemnity Insurance?

If an occasion should arise where you enter a dispute over an error made, work standards, or expectations, your business needs to be protected from a potential claim. It’s worth noting that even if you are in no way at fault, a claim could still be made against your business, resulting in you having to defend yourself at your own cost.

Professional indemnity insurance protects you from some of the costs associated, which is why the team at Warr & Co believe this is an essential requirement for your sole trader or partnership business.

Warr & Co have teamed up with Caunce O’Hara – small business insurance specialists – to offer professional services to our client base. Caunce O’Hara, a top 100 independent broker, were selected by our board of directors for their expertise in the small business market combining decades of specialist experience. In addition, the team at Caunce O’Hara provide a 24/7 easy purchase option. Simply fill your details in to obtain a quote and click to begin your policy.

We can’t stress enough the importance of protecting your business with professional indemnity insurance. Please click the link below to visit Caunce O’Hara for a free no-obligation quote now.

*By clicking the link above you understand that you will be directed to a third party website. If you choose to proceed to purchase insurance products from Caunce O’ Hara we have opted not to receive any commission for the referral. Instead we have opted for the usual commission fee to be paid to Caunce O’Hara’s nominated charity. For example should you purchase a professional indemnity insurance policy for £200 (net of IPT)  the nominated charity will receive a donation of £15.

What Is A Tax Enquiry?

A Tax Enquiry is an HMRC investigation into your businesses taxes. Often this is not a simple process; the investigative team from HMRC may want paperwork and face-to-face meetings to discuss your business taxes.

Anyone can be subject to an HMRC enquiry, and you must comply by law. They can target any business they wish to and do not have to have a reason to target your business, meaning that they can open an enquiry even if you’ve done nothing wrong.

This is troubling for businesses, and especially small businesses. The cost of defending your company in a tax enquiry with HMRC is significant and can easily run into thousands of pounds, in addition it’s not unusual for enquiries to last months or even years. So you need a good accountant on your side to defend you and ensure no errors are made on your behalf throughout the investigation.

What’s Included In The Tax Enquiry Service?

Warr & Co will deal with all HMRC correspondence on your behalf, we will prepare and defend your case, and we will negotiate the best possible outcome for you wherever necessary.

Did you know? Even if you are not at fault and have had no errors in your business taxes, the costs of defending your business in an HMRC enquiry are not refunded. Unfair, yes, but that’s exactly why this add-on service is highly recommended to all of our business clients.

For one small annual fee, your business is covered in case HMRC decides to open an enquiry for your business. Whatever the outcome, you’re safest if you have our Tax Enquiry Service on your side.

We have plenty of information, including a downloadable leaflet about tax enquiries and pricing for this service, on the link below.