QDOS IR35 insurance advice

[AlonsoHarris]

Hi all

Appreciate this may have been answered elsewhere

I have recently stated a permy role (booooooooooo)

I still have QDOS IR35 insurance active on my LTD and I'm wondering whether to cancel it OR do I need to keep it going for a while?

Its early days as a permy and who know's I may end up switching back but chances are if I did I'd go Umbrella anyway...

Any advice would be greatly appreciated

Thanks

[northernladuk]

<Deleted - mod snip - although general lets not have the unhelpful response>

[ladymuck]

If you're keeping your LtdCo running then you should keep the insurance because you need it in case of any claim HMRC may have against any of your historic contracts.

If you're closing down your company then cancel it when the company is struck off.

[AlonsoHarris]

If you know it's been asked else where why don't you search for it.

Also if you know it's been asked elsewhere you should know General is a pretty daft place to post this.

[AlonsoHarris]

If you're keeping your LtdCo running then you should keep the insurance because you need it in case of any claim HMRC may have against any of your historic contracts.

If you're closing down your company then cancel it when the company is struck off.

Thank you, I'm extremely grateful for this response! Much appreciated

[DonaldJTrump]

Hmm QDOS bod told me when trying to get me to renew that they will only entertain any claims if a policy is currently in force - so an investigation kicking off 6m, 1,2 years after company closure won't be covered
It depends if you think HMRC will ever come after you with a historic claim
To me it negates the value of the insurance
HTH

[ladymuck]

Hmm QDOS bod told me when trying to get me to renew that they will only entertain any claims if a policy is currently in force - so an investigation kicking off 6m, 1,2 years after company closure won't be covered
It depends if you think HMRC will ever come after you with a historic claim
To me it negates the value of the insurance
HTH

I think you've gotten a bit confused.

It's best to retain the insurance against the risk of historic claim IF the OP are keeping the company. Only the OP can decide if they think they are comfortable with the risk of investigation and all that it entails. No insurance policy will cover you if you stop paying the premiums, unless it's a one off payment for something specific.

Once the company ceases to exist, there's no-one for HMRC to investigate so there is no need for insurance.

[malvolio]

Standard guidance was - and probably remains - to keep such cover until the end of the tax year following closure. Chances of an investigation after that point are negligible.