is ir35 insurance any good? I heard that it runs out after a year or so. if this does, then isn't it pointless since Gordos gang could investigate you anything up to 4 years plus after the event??
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Depends on the T&Cs of the policy. As with all insurance policies, some are underwritten on a claims arising basis and some are not. -
Many of the policies only cover a single contract and only if they deem it an IR35 pass (not that it actually is, only that they think it ought to be). Ergo it's a bit of a safety net. However, if you have three contracts in three years, you will need to hang on to three insurance policies for six years each. That could get messy.
The other point to consider is that while you can get cover against penalties, if you have made a serious attempt to establish the IR35 status and acted accordingly you won't be penalised anyway. So you're insuring for something that won't happen. Go figure.
The other route is the PCG type thingy - no contract review needed, cover for all contracts while you are a member - but it does not cover paybacks and penalties, only investigation costs. (That said, 1200 to 3 is good odds you won't get need them anyway).Blog? What blog...?
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One minor point: AIUI although if you have acted responsibly the penalties should be zero I am not sure the same is true of interest. That is covered by statute and I believe there is no means of getting that waived. Given the length it can take for these things to sort themselves out this can be a significant biull and may not be part of the insured risk.Originally posted by malvolio
When we had a compliance review (pre IR35) the penalties were 20% - the minimum possible at the time for an investigation but the interest was more. Thet really hacked me off because most of that was the 3 years they took in settling the issues.
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