My Qdos IR35 insurance is up for renewal shortly. Is there still any point in keeping it for the sake of potential past investigations?
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How long to keep IR35 insurance up?
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Originally posted by OneManBand View PostMy Qdos IR35 insurance is up for renewal shortly. Is there still any point in keeping it for the sake of potential past investigations?Public Service Posting by the BBC - Bloggs Bulls**t Corp.
Officially CUK certified - Thick as f**k. -
Originally posted by Fred Bloggs View Post
Has the limited company been struck off?
If your company is still trading then there's still risk of an investigation. If you've closed it down then HMRC can't come after something that no longer exists.Comment
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Not enough information, really. If you've closed your company, possibly not. It may be invalid anyway depending on the T&C, but I would keep IPSE (for example) for a year or so (legal expenses cover, not insurance). If it's open/dormant, I would keep it for longer. Realistically, it may be some time after the tax year ended before an investigation is triggered and it may not look like an IR35 investigation for some time on top of that. If you're talking about tax loss insurance, that is pretty much a waste of money. It's the legal expenses insurance that you want and probably want to retain for some period (depending on the above circumstances).Comment
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Originally posted by ladymuck View PostIf you've closed it down then HMRC can't come after something that no longer exists.Comment
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Company is still trading. Contracting through company, but outside.
The insurance in question is the tax liability cover (TLC35) from Qdos.
But do I really have to have the insurance for as long as the company trades? Isn't there a limit of 6 years after which you no longer need to keep the documents, so that must mean they cannot come after you once 6 years have passed?Comment
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Originally posted by OneManBand View PostCompany is still trading. Contracting through company, but outside.
The insurance in question is the tax liability cover (TLC35) from Qdos.
But do I really have to have the insurance for as long as the company trades? Isn't there a limit of 6 years after which you no longer need to keep the documents, so that must mean they cannot come after you once 6 years have passed?
Regarding timelines for tax enquiries once opened (from the end of the relevant tax year): 4 years normally, 6 years if negligent, 20 years if fraudulent.Comment
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Originally posted by PerfectStorm View PostI wonder if QDOS will throw a party when the first TLC35 payout happensComment
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Originally posted by PerfectStorm View PostI wonder if QDOS will throw a party when the first TLC35 payout happensPublic Service Posting by the BBC - Bloggs Bulls**t Corp.
Officially CUK certified - Thick as f**k.Comment
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