Professional fee insurance providers Eastgate Assistance has launched two new tax protection policies for small and medium-sized businesses, partnerships and individuals.
Tax Personal and Business Protection offers cover up to £35,000 per claim for professional fees arising out of VAT, National Insurance and tax investigations. The cover is organised into two streams, one for individuals and self-employed business people and another for small to medium businesses.
The first, Tax Personal Protection covers official investigations into private tax affairs and personal tax returns.
The second, Tax Business Protection offers three tiers of cover for larger private firms. The first is limited to costs relating to Inland Revenue probes and VAT appeals. The second covers tier one plus PAYE and National Insurance audits. The top tier extends protection to up to five directors or partners. Premiums range from £27 for an individual to £200 for full business protection.
Frank O'Malley, head of sales and underwriting for Eastgate Assistance's legal and medical division, said: "Tax protection cover is increasingly being seen as an important part of financial planning and there are excellent scheme development opportunities for brokers and other intermediaries."