Jane Mellor shares some hints and tips to bear in mind when it’s time to renew your professional indemnity insurance
It is a CIOT and ATT membership requirement that all members in practice have professional indemnity insurance (PII). A member in practice is a principal in a business which provides tax services; i.e. a sole practitioner, a partner in a partnership, a member in an LLP or a director of a company.
Members in practice must confirm that they have PII cover in place when they submit their annual membership return. Any member in practice failing to have cover in place risks referral to the Taxation Disciplinary Board and disciplinary action. Full details of the regulations and associated guidance are available on the CIOT and ATT websites (www.tax.org.uk/PIIregs and www.att.org.uk/PIIregs).