Tax Advisors + Insurance Claim: The Challenge
As tax advisor, preparing bank statements for insurance claim is a common but time-consuming task. Insurance claims for business interruption, theft, or fraud require bank statements as evidence of financial loss. Insurers need clear, organised financial documentation.
How BankScan AI Helps Tax Advisors with Insurance Claim
Batch-convert entire folders of bank statement PDFs into structured spreadsheets to speed up tax return preparation and HMRC enquiry responses. For insurance claim specifically, BankScan AI extracts Pre-loss revenue baseline, post-loss revenue decline, increased cost of working, automatically.
How Tax Advisors Handle Insurance Claim
When preparing bank statements for insurance claim, tax advisors need to Tax advisors collect bank statements alongside P60s, dividend vouchers, and rental income records to prepare self-assessment returns. During HMRC enqu. BankScan AI automates the data extraction step.
Key terms you'll encounter: self-assessment, HMRC enquiry, information notice, tax computation.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 12-24 months pre-loss for baseline comparison, plus the entire loss period; business interruption claims may need 3+ years of historical data of statements for insurance claim.
AI extracts what you need
Our AI extracts Pre-loss revenue baseline, post-loss revenue decline, increa — formatted for tax advisors workflows.
Complete your insurance claim work
Download Excel files ready for insurance claim. Month-by-month comparison of pre-loss versus post-loss periods, with seasonal adjustments shown; clear separation of insured versus uninsured losses
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Tax Advisors — Insurance Claim
- Built for Tax Advisors — Saves 2-3 hours per complex self-assessment return during tax season, and up to 8 hours when responding to HMRC enquiries requiring multi-year statement analysis
- Software compatible — Output works directly with TaxCalc, Taxfiler, IRIS
- Built for Insurance Claim — Convert bank statements to structured Excel spreadsheets showing income patterns, loss periods, and transaction evidence for insurance claim submissions.
- Key data extracted — Pre-loss revenue baseline, post-loss revenue decline, increased cost of working, continuing fixed costs during interruption, any saved expenses or alternative revenue
Compliance: Tax Advisors + Insurance Claim
When tax advisors prepare bank statements for insurance claim, specific compliance requirements apply.
- Tax advisors must comply with HMRC's Agent Authorisation framework and Professional Conduct in Relation to Taxation (PCRT) guidelines. They have a duty to submit accurate returns and must retain supporting documentation including bank statements for the statutory record-keeping period.
- Legal basis: Insurance Act 2015 (duty of fair presentation); policy-specific claims conditions; Financial Ombudsman Service rules on fair claims handling
Insurance Claim — Built for Tax Advisors
Most policies require notification within 30 days and full claim submission within 6-12 months; delays give insurers grounds to question or deny the claim
Try Free — Tax Advisors + Insurance Claim