Just looking into insurance for my limited company. Only employees are me as director (paid) plus accountant's wife as company secretary (unpaid).
I've seen conflicting reports about Employer's Liability insurance requirements. One forum told me the law recently changed and it was no longer mandatory. Other websites say it is mandatory. Does anyone know if I need it?
EDIT// Found this amendment to the Employer's Liability Act at http://www.opsi.gov.uk/si/si2004/20042882.htm
Would that cover my position? Myself as director (and contractor) + accountant's wife as mandatory company secretary (in name only)
Also I was going to purchase Legal Insurance to cover my legal costs if I was investigated by the inland revenue, but don’t know if I should apply as an individual or in the name of my Limited company. Who do the IR come after? The individual or the company?
I've seen conflicting reports about Employer's Liability insurance requirements. One forum told me the law recently changed and it was no longer mandatory. Other websites say it is mandatory. Does anyone know if I need it?
EDIT// Found this amendment to the Employer's Liability Act at http://www.opsi.gov.uk/si/si2004/20042882.htm
Citation and commencement
1. These Regulations may be cited as the Employers' Liability (Compulsory Insurance) (Amendment) Regulations 2004 and shall come into force on 28th February 2005.
Amendment of the Employers' Liability (Compulsory Insurance) Regulations 1998
2. In the Employers' Liability (Compulsory Insurance) Regulations 1998[2], Schedule 2 (employers exempted from insurance), after paragraph 14, there is inserted: -
" (15) Any employer which is a company that has only one employee and that employee also owns fifty per cent or more of the issued share capital in that company.".
1. These Regulations may be cited as the Employers' Liability (Compulsory Insurance) (Amendment) Regulations 2004 and shall come into force on 28th February 2005.
Amendment of the Employers' Liability (Compulsory Insurance) Regulations 1998
2. In the Employers' Liability (Compulsory Insurance) Regulations 1998[2], Schedule 2 (employers exempted from insurance), after paragraph 14, there is inserted: -
" (15) Any employer which is a company that has only one employee and that employee also owns fifty per cent or more of the issued share capital in that company.".
Also I was going to purchase Legal Insurance to cover my legal costs if I was investigated by the inland revenue, but don’t know if I should apply as an individual or in the name of my Limited company. Who do the IR come after? The individual or the company?
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