Originally posted by Qdos Consulting
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Legality of tax insurance
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Free advice and opinions - refunds are available if you are not 100% satisfied. -
Very helpful discussion
Cheers guys, especially Lisa and Qdos.
I think my mate may not have realised this wasn't a criminal matter, or taken account of the conditions Qdos Consulting mentioned. As I said, he is pretty knowledgeable about insurance generally but this area is not one he has experience of.
I still don't look forward to that inevitable envelope landing on my doorstep but I am somewhat reassured.
Am sure it's been said many times many ways but what I despise most about IR35 is the greyness of it and the atmosphere of fear, uncertainty and doubt that goes with it.Comment
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Originally posted by Wanderer View PostCan you give us a real world example of a case (anonymised of course) of where you have paid out? Or has this never happened?
Thats why the insurance is relatively cheap. The chances of a claim are low - and they don't offer cover to the really high risk ones. If they lose a case, I would fully expect them to cough up.
Of course if they start losing a succession of cases - and end up having multiple 6-figure payouts, expect their underwriters to demand significantly higher renewal premiums, or pull the plug completely on the product - which leaves people exposed for 5 years as the cover is only for investigations initiated in the 1 year you have the policy, not the following 5 years.Comment
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Out of the 1,300+ cases we've dealt with we've only lost about 5 and none of them had the full TLC35 insurance. This has only been down to the skill and experience of our consultants; the cases we have won certainly haven't been easy (as numerous clients will testify).
When we designed the product we certainly didn't expect to maintain a claim-free record on the liability part of the insurance and, assuming HMRC plough resources back into IR35 once the review is complete, I doubt the record will stay intact. This is something both Qdos and our underwriters appreciate.
For the avoidance of doubt, we have never rejected a TLC claim or pulled out of covering a case. We actually like dealing with IR35 enquiries.Qdos Contractor - IR35 expertsComment
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Some good insight from QDOS here on their policy. I havent taken it out yet but I think I will do soon,Rhyddid i lofnod psychocandy!!!!Comment
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I should say, as I kind of panned the TLC product, in the interest of balance, the TaxWise product is exceptional. So far I have only had to make a couple of small claims and all were paid without any problem and the panel of experts you can call on really are very good.Comment
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Originally posted by Qdos Consulting View PostWe actually like dealing with IR35 enquiries.Comment
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