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Thread: TAX INSURANCE

  1. #1
    Email problem Phil Cooper's Avatar
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    TAX INSURANCE

    I am sure you have all read of SARS just debiting accounts - unjustifiably - or just creating major problems with companies.

    I have a type of Insurance for SARS problems.

    It uses top lawyers and tax experts to take on SARS on your behalf - and when SARS deal with these guys things happen.

    The way SARS are going could well now be worth looking at!

    Anyone interested in cover details, please email me on phil@philcooper.co.za.

    I will send you the brochure re the covers, etc. It is too large a file to post here.

    I have the latest brochure / details of covers.

    They say

    What is Tax Insurance?

    Tax Insurance protects you from the risks associated with a SARS audit assessment dispute, by covering the costs of specialist tax lawyers and accountants representing you.

    What does our Tax Insurance offer you?

    Access to a panel of tax accountants and tax lawyers for assistance when SARS audits you, from the point of the audit, until the matter is finally resolved

    Full professional representation from Letter of Findings until the matter is finalized in ADR, Tax Court, or an Appeal Court, or by negotiated settlement with SARS

    Key tax information to reduce tax risks in your business

    Subscription to TaxTalk, SA’s leading tax journal

    Most importantly, peace of mind.

    Products

    Tax Radar’s range of tax insurance products protects you or your business from the risks associated with a SARS audit assessment dispute, by covering the costs of specialist tax lawyers and accountants representing you.

    Specifically, our Tax Insurance offers you…

    Access to a panel of tax accountants and tax lawyers for assistance when SARS audits you, from the point of the audit, until the matter is finally resolved

    Full professional representation should a dispute arise with SARS following a SARS audit

    Key tax information to reduce tax risks in your business

    Subscription to TaxTalk, SA’s leading tax journal

    Bespoke policies for accountant practices and their clients

    We presently have a range of six products, of which two are focused on individuals and four on commercial Businesses.


    If you would like to know more, drop me an email and I will send you the full brochure...

  2. #2
    Site Caretaker Dave A's Avatar
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    It's a sad day when you need to consider taking insurance to cover being screwed over by your government.
    The trouble with opportunity is it normally comes dressed up as work.

  3. #3
    Email problem Phil Cooper's Avatar
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    Yeah. Agreed.

    But they way that they are just taking money they deem due from bank accounts, and the fact that they are often creating MAJOR queries when they owe YOU money (VAT audits, PAYE audits, etc.) could make this a worthwhile cost saving exercise.

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    Diamond Member adrianh's Avatar
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    Phil, how about insurance against insurance companies not paying out. There are so many cases where insurance companies refuse to pay out for some or other obscure reason, why not insure that risk as well?
    How easily someone is offended is directly proportional to how stupid they are.
    ~GS Elevator

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    Email problem Phil Cooper's Avatar
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    Adrian

    The only reason that reputable Insurers do not pay out is because either the item is not covered, the wrong cover has been arranged / placed, or the client has not complied with a policy condition critical to the claim.

    If they placed the covers correctly in the first instance this would not be necessary.

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by adrianh View Post
    Phil, how about insurance against insurance companies not paying out. There are so many cases where insurance companies refuse to pay out for some or other obscure reason, why not insure that risk as well?


    In many ways it's an idea not far removed from the insurance against SARS's foibles.

    Phil, think about it:

    Santam offers an insurance cover against direct insureres not paying out a claim on thin grounds...

    Even Nando's would be hard pressed to top that one as a marketing stunt.
    The trouble with opportunity is it normally comes dressed up as work.

  8. #7
    Diamond Member adrianh's Avatar
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    So many claims are rejected for all sorts of absurd reasons. Why not insure againts insurance companies. We gamgle that the insurance company will pay and the insurance company gambles that we won't claim. If we do claim they pull out the fine print, and then they hedge their bets by employing investigators so why can't we hedge our bets by insuring against them?

    I honestly think that insurance is one of the worst ideas ever thought up. It is the ultimate form of gambling, it is legal, expensive and the house always wins (and if the house feels that its not winning enough it just hikes its prices)
    How easily someone is offended is directly proportional to how stupid they are.
    ~GS Elevator

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    The american banks did just that & got some of the more famous European banks into the net. The rest,as they say is history.

  10. #9
    Email problem Rafael's Avatar
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    Quote Originally Posted by Phil Cooper View Post
    Adrian

    The only reason that reputable Insurers do not pay out is because either the item is not covered, the wrong cover has been arranged / placed, or the client has not complied with a policy condition critical to the claim.

    If they placed the covers correctly in the first instance this would not be necessary.
    I couldn't agree more Phil.

    I had a client take out life cover about 2 years ago, and I went through the medical questions with him, it asks if you take or have ever taken drugs, Client ticked No.
    He passed away last year and when the Insurer pulled his medical report, we found out that he had been admitted to rehab numerous times and there was a drug problem. The claim was repudiated and all premiums paid back, as the Insurer never would have insured him in the first place.

    What story do you think his family tell their friends

    Insurance companies always payout if everything is on order
    You miss 100% of the chances you never take

  11. #10
    Diamond Member adrianh's Avatar
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    I went through the medical questions with him, it asks if you take or have ever taken drugs

    I am speaking in general now and not about the specific case.

    This is one of the grey area that I am talking about. So tell me:

    1. if he smokes weed once a week would that be considered to be taking drugs?
    2. if he smokes weed every day would that be considered to be taking drugs?
    3. if he smokes Camel laced with Disprin would that be considered to be taking drugs?
    4. if he drinks 6 beers a day would that be considered to be taking drugs?
    5. if he drinks 24 beers a day would that be considered to be taking drugs?
    6. if he drinks 2 cans of Red Bull a week would that be considered to be taking drugs?
    6. if he drinks 20 cans of Red Bull a day would that be considered to be taking drugs?
    7. if he drinks 55 cups of coffee a day would that be considered to be taking drugs?
    8. what about if he smoked weed when he was 17 and he is now 30, he doesn't smoke weed anymore but he has a bottle of Jack Daniels every night.

    The problem lies in the definition of the word Drug, the insurance companies are open to define the word whichever way they want.

    Insurance is one of the biggest ripoffs ever devised.
    How easily someone is offended is directly proportional to how stupid they are.
    ~GS Elevator

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