Closing company - PCG Membership ????

[Billy Pilgrim]

Hi all,

will be closing my company soon (heading to the dark side - fed up with living out of my suitcase 5 days a week) and my PCG Plus membership is up for renewal.

Had a call from PCG rep the other day informing me that HMRC can investigate for 2 yrs after company closure - so I should really be renewing ( I thought it was actually longer - 6 yrs ??)

Was just after some impartial advice on this situation before I stump up 500+ quid

Cheers

[Fred Bloggs]

I would hope that PCG would do a kind of "run down cover" at a lower than normal cost since as time passes, the chances of investigation reduce and you only need to cover for investigations, not the rest of the PCG membership stuff. I hope they help you in that direction, seems bad service if they don't.

[Hex]

I think the PCG advice is correct. It's to do with how long HMRC have to make investigations into your company's last tax return, which is something like 1 year from the date it was submitted, AbbeyTax (who provide the PCG insurance) suggest this gives a 2 year window for them to investigate after closing the company. For the cost, I would keep it going.

I don't think the PCG have such a thing as "run off cover". You might be able to get it direct from AbbeyTax but I doubt it.

[Billy Pilgrim]

I think the PCG advice is correct. It's to do with how long HMRC have to make investigations into your company's last tax return, which is something like 1 year from the date it was submitted, AbbeyTax (who provide the PCG insurance) suggest this gives a 2 year window for them to investigate after closing the company. For the cost, I would keep it going.

I don't think the PCG have such a thing as "run off cover". You might be able to get it direct from AbbeyTax but I doubt it.

Cheers for the pointer - PCG Plus will give me a tonne of stuff that I won't ever need - but probably can't opt out of -- and therefore am paying for

I'll see what Abbey Tax can do too