Any recommendations on where to go for insurance products to protect against tax investigations or prosecution? I'm aware of QDos and Bauer & Cottrell. Are there others? Also, Indemnity and Libaility cover?
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Contract Review & Insurance against IR35
Collapse
X
-
-
Originally posted by NewManAny recommendations on where to go for insurance products to protect against tax investigations or prosecution? I'm aware of QDos and Bauer & Cottrell. Are there others? Also, Indemnity and Libaility cover?
I've yet to see anyone beat the PCG cover - PCGPlus at £210 covers everything you're going to need and for that you get around £1500 of extras.
People continue to argue about PI/PLI/ELI insurances and cost. I've yet to see anyone beat the PCG's discounted price of around £240 for a bog standard contractor with around £100k turnover and no history (it goes down over time). Of course, you have to join the PCG, but PCGPlus is such a no brainer these days there's no reason not to do so...
Otherwise, prices seems to range between £280-£500: you need to do some comparative shopping and make sure you are comparing like with like.Blog? What blog...? -
Is IR35 insurance something that you should worry about getting during the first company year or is it fairly safe to wait until just before the first company end of year reports are filed?Comment
-
Originally posted by DevlinIs IR35 insurance something that you should worry about getting during the first company year or is it fairly safe to wait until just before the first company end of year reports are filed?
Incidentally, the 1400-and-odd to 3 ratio just changed: it's now 1487:4 since Accountax just lost one at the Specials. No details as yet, but basically the client told the Special Commisioners something different to what he told the contractor four years earlier...Blog? What blog...?Comment
-
Originally posted by malvolioDepends how much you fancy giving 20% of your gross back as tax. IR35 investigations can roll back 6 years, so it might be a good idea to treat it with respect from Day 1.
Incidentally, the 1400-and-odd to 3 ratio just changed: it's now 1487:4 since Accountax just lost one at the Specials. No details as yet, but basically the client told the Special Commisioners something different to what he told the contractor four years earlier...
Perhaps you are just talking about insurance which actually covers any tax liability found against you?Comment
-
Originally posted by DevlinSo for example if I took out PCG+ insurance in 6 months time they wouldn't cover me for legal expenses looking back before the start of their insurance?? I was under the impression that they would cover your legal costs regardless?
Perhaps you are just talking about insurance which actually covers any tax liability found against you?
Nobody needs to insure for tax losses incurred, since the only way you'll get that insurance is if the insurer is damn well certain they won't have to pay out.
And PCGPlus is not an insurance policy, it's a membership of an important and necessary lobbying organsiation that's fighting all sorts of battles on your behalf, who happen to insure their members for free for representational costs. And then chuck in Jury Service cover, agency defaulting losses cover and half a dozen serious discount offers. So why wait 6 months, there really is no point.Blog? What blog...?Comment
-
Originally posted by malvolioGo read the website, it's all explained there. As soon as you join you are covered for any aspect investigation, with the sole exception that you are not covered for any that have already started. That's it, it can't get any simpler.
Nobody needs to insure for tax losses incurred, since the only way you'll get that insurance is if the insurer is damn well certain they won't have to pay out.
And PCGPlus is not an insurance policy, it's a membership of an important and necessary lobbying organsiation that's fighting all sorts of battles on your behalf, who happen to insure their members for free for representational costs. And then chuck in Jury Service cover, agency defaulting losses cover and half a dozen serious discount offers. So why wait 6 months, there really is no point.Comment
-
Originally posted by malvolioI've yet to see anyone beat the PCG's discounted price of around £240 for a bog standard contractor with around £100k turnover and no history (it goes down over time).Comment
-
Originally posted by Cowboy BobI've mentioned this before, but the company behind that particular quote, won't quote for you at all if you're involved with processing money - so all the retail banking, investment banking and retail sector contractors are not going to get that price.
The PCG deal is aimed at the average contractor across all industries - of the 100k of them out there, not that many are working directly with back-office cash management.Blog? What blog...?Comment
-
Originally posted by malvolioNobody needs to insure for tax losses incurred, since the only way you'll get that insurance is if the insurer is damn well certain they won't have to pay out.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment