Is IPSE Plus membership worth the extra cost for the initial tax investigation cover? Is IPSE Plus membership worth the extra cost for the initial tax investigation cover? - Page 3
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  1. #21

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    Quote Originally Posted by HoofHearted View Post
    Is that (verifiably) true?
    Not without a lot of internet digging and reference to places I can no longer access.

    Equally, of course, can you disprove the assertion. other than for some very recent cases.
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  2. #22

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    It sounds like Plus membership is probably worth it for the peace of mind.

    Apparently they do offer a reduced membership (~£50) for those who have already closed their company (sorry this might have been mentioned elsewhere), but you can only use it for 12 months, with no option/need to renew beyond this. The reason being that HMRC would not investigate any closed company after 12 months of closing down.

    Is this correct?

  3. #23

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    Quote Originally Posted by Scoooby View Post
    It sounds like Plus membership is probably worth it for the peace of mind.

    Apparently they do offer a reduced membership (~£50) for those who have already closed their company (sorry this might have been mentioned elsewhere), but you can only use it for 12 months, with no option/need to renew beyond this. The reason being that HMRC would not investigate any closed company after 12 months of closing down.

    Is this correct?
    Pretty much. They have opportunity to challenge the closure of the company as part of the process so it would require evidence of very unusual goings on for them to investigate post closure.

  4. #24

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    Quote Originally Posted by GhostofTarbera View Post
    Investigated by who exactly? Not in the next year as they all have been reassigned
    I heard this too - i.e. confirmation of them ceasing investigations due to covid, but I can't find the link. Where did you see it?

  5. #25

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    Quote Originally Posted by ladymuck View Post
    Pretty much. They have opportunity to challenge the closure of the company as part of the process so it would require evidence of very unusual goings on for them to investigate post closure.
    I know this is going a bit off tangent from my OP, but do people have any experience or knowledge of the kind of things HMRC might review / investigate / challenge as part of a company's MVL liquidation / closure process?

    And are these part of a systematic process applied to all MVLs / closures or more random in nature?

    For example, I am considering applying for the CJRS furlough scheme as I do believe my company has been directly impacted and is eligible. Although I do have a sizeable warchest and I am also considering paying a dividend soon of approx £8-£15k (on the assumption I might not end up being a higher rate tax payer this year due to limited work opportunities so will probably pay 7.5% tax on this).

    I know that neither the sizeable warchest nor the dividend would impact CJRS eligibility per se. However, if I did end up deciding to liquidate the company shortly after potentially doing the above (after assessing the health of the contract market in a few months time) would these actions flag up with HMRC if/when they assess my company's closure request?

    I'm trying to weigh up possible short term decisions and benefits against potential knock on impacts further down the line.

  6. #26

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    Mainly HMRC are only concerend that you have correctly answered all the necessary questions around income, outgoings and debts and that all the associated taxes have been paid up to date. They don't really care about what money is left over, they will care about where that money came from.

    It rather tickles me that you are solvent, have decided not to work, have an income stream and reserves and are looking to close down while at the same time asking us taxpayers to fund you while you decide...
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  7. #27

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    Quote Originally Posted by malvolio View Post
    Mainly HMRC are only concerend that you have correctly answered all the necessary questions around income, outgoings and debts and that all the associated taxes have been paid up to date. They don't really care about what money is left over, they will care about where that money came from.

    It rather tickles me that you are solvent, have decided not to work, have an income stream and reserves and are looking to close down while at the same time asking us taxpayers to fund you while you decide...
    I would love to be working, but there is no work out there! Even if something suitable were to come up because of Covid19 I am required to shield for at least 3 months because of a health condition and I need to look after our kids because the nurseries/schools are closed and my wife is a key worker. In order words it would take an extremely flexible contract/client (or job/employer) to allow me to work under these circumstances, which seems very unlikely.

  8. #28

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    Quote Originally Posted by Scoooby View Post
    I would love to be working, but there is no work out there! Even if something suitable were to come up because of Covid19 I am required to shield for at least 3 months because of a health condition and I need to look after our kids because the nurseries/schools are closed and my wife is a key worker. In order words it would take an extremely flexible contract/client (or job/employer) to allow me to work under these circumstances, which seems very unlikely.
    In that case, fair enough.

    IPSE put up a guide to CJRS on LinkedIn recently...

    EDIT - Found it - it points to here.
    Last edited by malvolio; 30th April 2020 at 12:52.
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