IR35 Insurance

[Timebandit]

I'm an IT contractor and have recently started contracting through my own company. I've been told by a fellow contractor that I should look into purchasing some IR35 insurance. I've looked at the policies out there and the Qdos TLC insurance looks to be a good option, as it covers tax liabilities as well as defence costs. But what I really want to know is whether anybody else has this policy and also if you consider it necessary, as i've read that IR35 is currently under review?

[Fred Bloggs]

I have the TLC, QDOS are a decent firm customer service wise. I have never claimed and I hope I don't have to.

[Waldorf]

I use Qdos and can recommend them 100%

[yorkshireman]

I would start by discussing your individual situation with your accountant. A good accountant includes IR35 reviews of your contract in their fixed monthly fee.

I don't see any point in taking out IR35 insurance if it is not relevant to your individual circumstances.

If you don't have an accountant yet I recommend you contact Craig at Intouch Accounting. He really helped me when I first started contracting.

[malvolio]

No issues with QDOS, assuming you need the cover as had been said. Or you could join the PCG and get coverage for free

[monobrow]

No issues with QDOS, assuming you need the cover as had been said. Or you could join the PCG and get coverage for free

+1 for PCG. it's not exactly "free", but you do get other benefits, like...... a glossy brochure every quarter & a bit of spam mail.

In fairness, PCG has given me the peace of mind, lets hope I never have to find out how good they are. though if you do a bit of research, it would suggest they do what they promise and their top man has just been appointed by the government on some IR35/Tax comittee so are also taken seriously - another good thing.

[malvolio]

their top man has just been appointed by the government on some IR35/Tax comittee so are also taken seriously - another good thing.

That's the consultative committee of the Office for Tax Simplification, one of whose key remits is the resolution of the IR35 fiasco. Also all that stuff in the press about ICTs and limiting their abuse is to a large extent down to PCG's efforts and they have a permanent seat there as well. And they are working with the Cabinet Office to try and resolve the security clearance Catch-22. So yes, these days PCG is taken very seriously where it matters.