IR35 Insurance Permanent Role

[kaiser78]

As I move into the permanent world I presume it is wise to renew my annual IR35 insurance in case of any comeback from HMRC?
And what about the various employer, public liability insurances ? Can these be cancelled?

[jamesbrown]

Depends on the nature of the insurance. If it’s “claims made” then, yes, you would only be covered with valid insurance at the time of a claim. If, for example, you’re an IPSE member, it’s best to retain that for a year. Similar story for PII etc. if it’s “claims made” although the risk is probably very low there.

[jamesbrown]

Oh and, yes, obviously you can cancel them. Whether you’ll get a partial refund is a separate question.

[rootsnall]

Are you closing your Ltd down ? Rightly or wrongly I kept my IPSE membership going until my Ltd was closed but I won't bother at the next renewal.

[malvolio]

Worth noting that IPSE do have a "run down" membership option - basic membership at a reduced cost just in case. You would need to call the office to discuss the ins and outs, but it does work.

Membership (or any other similar insurance coverage) needs to be in place until the end of the tax year after your close down just to be safe.

Otherwise I echo JB's earlier comment - if it's claims made basis, then you may need it for some time since a claim can be made by a client years after the event. It all rather depends on what you were doing that made it necessary.

[eek]

Worth noting that IPSE do have a "run down" membership option - basic membership at a reduced cost just in case. You would need to call the office to discuss the ins and outs, but it does work.

Membership (or any other similar insurance coverage) needs to be in place until the end of the tax year after your close down just to be safe.

Otherwise I echo JB's earlier comment - if it's claims made basis, then you may need it for some time since a claim can be made by a client years after the event. It all rather depends on what you were doing that made it necessary.

Anything to keep money coming in for the failed entity that is IPSE.

[malvolio]

Anything to keep money coming in for the failed entity that is IPSE.

You do talk crap sometimes, do try and keep up. IPSE hasn't failed, it's going in a different market. Given that ours is rapidly disappearing I don't find that anything other than good sense. And I have little or nothing to do with them these days anyway.

The run down fee is £50, compared to £320 for plus membership. So not even a good income generator pitch, is it?

[eek]

You do talk crap sometimes, do try and keep up. IPSE hasn't failed, it's going in a different market. Given that ours is rapidly disappearing I don't find that anything other than good sense. And I have little or nothing to do with them these days anyway.

The run down fee is £50, compared to £320 for plus membership. So not even a good income generator pitch, is it?

Far less crap than you do - and I only have to look at the coming IR35 changes to say - yes as a campaign group IPSE completely and utterly failed

And there is actually a massive market out there for someone who represents contractors - the issue was that none of the companies that have profited off the industry actually did anything to solve the issues HMRC have with it.

But then again given the "I'm alright Jack, screw you" viewpoint that you seem to have to anyone else - it's not surprising how we ended up in this mess.

[rawly]

I'd probably keep IPSE going as long as they have Perkbox! I think I get my money back just on Savings I make with Avant West Coast! Plus all the other benefits. Saved alot on Sky recently and with a cashback!

I do, however, miss the Free Cafe Nero Coffee per month!

[eek]

I'd probably keep IPSE going as long as they have Perkbox! I think I get my money back just on Savings I make with Avant West Coast! Plus all the other benefits. Saved alot on Sky recently and with a cashback!

I do, however, miss the Free Cafe Nero Coffee per month!

Cheaper options are available as perkbox actually doesn't cost that much..