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HMRC possible inquiry mitigation

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    #11
    Originally posted by SueEllen View Post
    She's simply saying buy insurance asap and given you 3 organisations - IPSE, QDOS and FSB - who sell the insurance you need plus ask your accountant if they sell cover.
    Thanks Sue, sorry I missed that cuz I was in a hurry, appreciate you taking the time to reply

    No another stupid question, at Qdos is this the Tax Liability Cover (TLC35) that am after?

    Comment


      #12
      TLC35 or the more basic Tax Enquiry insurance. If you think there is any scope of an IR35 investigation then it would make sense to go with TLC35, which includes the basic cover.

      From personal experience I can recommend QDOS. I had a similar episode to yourself, except no accountant involved. A few years ago I made a couple of unexplained omissions on my SATR that triggered an enquiry. The sums involved were small, and my only defence was that I could only attribute it to not having my eye on the ball at the time due to personal circumstances. I even had all the relevant paperwork and figures carefully recorded and files with other data for the same return.

      QDOS stepped in and advised me what to do, handled all correspondence and got me the most satisfactory outcome possible.

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        #13
        I've got TLC35 from QDOS as well. Never needed to claim it though tbh.

        If you are going to take it you could use the link below or quote QCL57133

        www.qdoscontractor.com/code/QCL57133

        It will make lots of fluffy bunnies very happy. TYIA
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          #14
          Originally posted by MrMarkyMark View Post
          Absolutely this.

          I was over 2 months late with my VAT, once, after rather ambitiously sending the cheque from India .

          I called them on my return, they were very understanding and helpful.

          Really

          Also agree, get the insurance first
          +1 for ringing them.

          I had an issue about five years ago where either a payment or return was missed. I can't remember the details now but if you ring up and show that you are keen to pay, then they'll meet you halfway and be reasonable and understanding. It's the BS merchants that they have little time for but if you explain that it's an honest mistake and you're keen to put it right, they'll appreciate that you've rung up for help.
          The greatest trick the devil ever pulled was convincing the world that he didn't exist

          Comment


            #15
            Originally posted by northernladuk View Post
            I've got TLC35 from QDOS as well. Never needed to claim it though tbh.

            If you are going to take it you could use the link below or quote QCL57133

            www.qdoscontractor.com/code/QCL57133

            It will make lots of fluffy bunnies very happy. TYIA
            Just had a look and seems steep at £200, I currently pay £65 to Hiscox for twice as much cover (£100k) but it doesn't cover the tax due.

            Tricky one given the tiny risk of a successful IR35 investigation ... maybe £100k of cover is enough to make them think twice ...

            Comment


              #16
              Originally posted by radish2008 View Post
              Just had a look and seems steep at £200, I currently pay £65 to Hiscox for twice as much cover (£100k) but it doesn't cover the tax due.

              Comment


                #17
                Originally posted by jmo21 View Post
                How many cases have they paid out on ? Tax due etc ?

                Comment


                  #18
                  Tax Insurance

                  Originally posted by radish2008 View Post
                  How many cases have they paid out on ? Tax due etc ?
                  Could be down to a number of factors, including that the contract review and ensuring fully compliant as part of the service is good, or perhaps that any enquiries are batted back to them with no ill effect which again is part of the service. I'm sure that given the number of policies sold, there will have been a number of prods by HMRC.

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