How long to keep IR35 insurance after strike-off?

[kijon]

Hello,
I had my company successfully dissolved now and my QDOS insurance comes up to a renewal.
Does it make sense to renew it? Is it probable to still get investigated?

The main concerns I have is, let's say my IR35 status for one of my main clients wasn't straightforward. It was a US client, ticking most of the outside IR35 boxes except some options RSUs provided to me personally, which I plan to exercise now and pay tax on those via self assessment. So there is a concern that HMRC may want to ask about that and if they don't like it then look into the company.

[malvolio]

The standard answer is until the first anniversary of the end of the business year you closed the company. That allows for HMRC to get all the taxation paperwork finalised and raise any queries.

Given the speed of HMRC these days, that advice may be out of date!

[Ketto]

Something i have thought of when i have been mulling over an MVL. I’d probably keep the investigation professional fees cover going for 2-3 years, but that’s just my thoughts. It’s pretty cheap so not a massive outlay.

[b0redom]

Given the price of the insurance is likely to be a tiny fraction of your RSU income, I'd suck it up and pay the insurance tbh.

[northernladuk]

Given the price of the insurance is likely to be a tiny fraction of your RSU income, I'd suck it up and pay the insurance tbh.

Absolutely this.

[Protagoras]

This is a question that I too ponder. Now 4 years since LtdCo dissolution, I still have insurance in place.

I think it's 7 years to be 'really' safe ...

[kijon]

Thanks everyone. Renewed it after all, and it was cheaper than last time (so paid 70 quid to QDOS).
Indeed, better safe than sorry.

Not sure in the end if it will help with the investigation because of prospects of success, but will keep you updated if anything happens.

[willendure]

Thanks everyone. Renewed it after all, and it was cheaper than last time (so paid 70 quid to QDOS).
Indeed, better safe than sorry.

Not sure in the end if it will help with the investigation because of prospects of success, but will keep you updated if anything happens.

Are you actually being investigated? Is that something that happens as standard when you MVL?

[malvolio]

Are you actually being investigated? Is that something that happens as standard when you MVL?

HMRC have an opportunity to investigate a company at closure and intervene if they think they have a reason to do so. The 2nd anniversary of the closure without one starting is a pretty good indication there won't be one.

[Olly]

The IR35 insurance I have covers me for 4 years after i've stopped paying for it for contracts in the period when I was. What does the small print of yours say in that respect kijon