Professional Indemnity
6 articles on professional indemnity for UK solicitors and law firms.
Professional Indemnity
The SRA Minimum Terms and Conditions (MTC) set the mandatory baseline for every solicitor's professional indemnity insurance policy. This guide explains the £2m cover requirement, qualifying insurer rules, and practical compliance steps for COFAs and partners.
Professional Indemnity
A practical guide for solicitors on managing the PII renewal cycle. Covers the October renewal deadline, run-off cover obligations, current market conditions, and how premiums are treated for tax. Includes a checklist for COFAs and equity partners.
Professional Indemnity
Professional indemnity insurance (PII) premiums are a fully tax-deductible trading expense for UK solicitors, whether you are a sole practitioner, an LLP member, or a limited company director. The deduction is taken at firm level for a partnership or LLP and at company level for a company. The premium is exempt from VAT, so there is no input tax to reclaim, and run-off cover bought on cessation is deductible too. This article explains where the deduction sits, how run-off is handled, and the common pitfalls.
Professional Indemnity
When a solicitor or law firm ceases practice, run-off professional indemnity insurance (PII) is mandatory. The tax treatment of these premiums depends on whether the firm is a partnership, LLP, or limited company. This article explains the rules for deducting run-off cover costs and the interaction with cessation of trade.
Professional Indemnity
Top-up professional indemnity insurance (PII) is additional cover beyond the SRA minimum terms. It is typically required when a solicitor or law firm undertakes specialist work, holds large client files, or has a claims history that demands an excess layer. This article explains when top-up PII is needed and how to assess your firm's risk.
Professional Indemnity
When a professional indemnity (PII) claim hits a law firm, the tax treatment of the payment, the excess, and any reserve account depends on whether the claim is revenue or capital, and on the firm’s accounting basis. This guide explains the rules for solicitors and their COFAs.