Winding up

[billridley]

Decided to call it a day and retire. Didn't do too much last financial year. Only a few months. Prior to that fully employed contracting going back 3 years. Would appreciate some advice please. I have always been cautious and had contracts reviewed for IR35 compliance, also taken out IPSE + and IR35 insurance. So near to retirement I could not afford to take any chances even though I am confident that I am outside the legislation. Gave me peace of mind. I intend to draw a salary and close the company in August, prior to that date my IPSE+ and IR35 Insurance comes up for renewal. I reckon I don't need the additional cover provided by IPSE + and intend to only renew the IR35 insurance for the next covering year. Is this a sensible approach or will IPSE + provide me with additional cover which is essential. Cheers

[Lance]

personally I'd keep IPSE+ and ditch the IR35 insurance. IPSE will provide legal help, if not underwrite any losses. But I guess it depends how at risk you are of losing an IR35 battle.

[quackhandle]

Better to have something and not need it rather than other way round.

qh

[fidot]

So near to retirement I could not afford to take any chances even though I am confident that I am outside the legislation. Gave me peace of mind.

prior to that date my IPSE+ and IR35 Insurance comes up for renewal. I reckon I don't need the additional cover provided by IPSE + and intend to only renew the IR35 insurance for the next covering year. Is this a sensible approach or will IPSE + provide me with additional cover which is essential. Cheers

To me, these 2 statements appear contradictory. If you can't afford to take any chances, how can you afford not to renew these insurances?

[billridley]

I guess my thinking on this was that there is an overlap in the cover of the two 'insurances'. The overlap being cover for IR35 tax investigation. I thought (and this is the unclear bit) that the additional cover given by IPSE+ are things such as additional tax investigation protection, eg VAt inspection, Jury cover, agency going bust cover, industry representation etc. My thoughts were that these last items I don't need now as I wont be working this tax year (very confident my VAt and other tax affairs are ok as I have a good accountant). That is why I am unsure if spending £300 (approx) is throwing money away.