Was sent this as an example of the risk I'd be taking if I went Ltd and then got investigated:....
They're trying to scare you into joining. I am not impressed by the bully-boy business model, but it does seem to be working for them.
There is no more risk being Ltd - indeed there is less risk as you don't have some middle man between you and your money. Ask people around here about companies going bust and the £1000's owed suddenly disappearing.
All you need to do is:
1) Go Ltd;
2) Get a good accountant (who do 1. for you for a nominal sum);
3) Join the PCG (Plus subscription) that will sort out any HMRC investigations for you.
And that's it...
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