I am about to close my Ltd as my current contract ends. Self declared OUTSIDE IR35 and roughly £30K of NI liability if I ever got investigated. I will probably take up a renewal and work through an umbrella from 1st Jan, just debating if I'm better to just make a clean break for it and D Day on that decision is this week. I am wondering if it's worth taking up IPSE Membership ( not been a member since PCG days ) ( or is there a better alternative ? ) just in case I ever get investigated for the £30K plus penalties. I am not expecting miracles in the case of an investigation but it's just to make sure I don't do anything stupid if the IR come knocking.
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You don't need IPSE membership if you're going umbrella.
If you can keep the expected liability in a high interest earning account until the company is confirmed closed (i.e. HMRC have approved the shut down) then once the company no longer exists, there is no-one for HMRC to chase after.
IANAL, IANAA -
That has been the strategy all along but I'm losing my nerve at the death and seeking a comfort blanket. I'm not sure closing the Ltd completely makes you safe but I'm sure it can't do any harm. I'm just worried about the palava that may or my not happen with other contractors at Client X come April and I may get dragged into something. So the comfort blanket might be the parting gift of my Ltd to me.Originally posted by ladymuck View PostComment
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there is nothing stopping you from buying tax investigation insurance from Markel or QDOS. They will asses your history and advise if they will cover you. Given IPSE's direction these days, I guess you might not ever need them in the future.Originally posted by rootsnall View PostLast edited by JohntheBike; 19 December 2019, 11:01.Comment
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What JtB says. I would seriously consider the two options, above.Originally posted by JohntheBike View PostI was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).Comment
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Agreeing with JtB does not necessarily constitute good adviceOriginally posted by Scruff View Post
For this case though it is simply a hard commercial decision. I agree you should go with the one that costs the least. That may not be the cheapest of course.Blog? What blog...?
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Originally posted by malvolio View PostAgreeing with JtB does not necessarily constitute good advice
For this case though it is simply a hard commercial decision. I agree you should go with the one that costs the least. That may not be the cheapest of course.I never claimed it was, just pointing out another alternative. The more alternatives that are identified, the better choice can be made.Agreeing with JtB does not necessarily constitute good adviceComment
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Oh yes, quite agree. It's the "Don't use IPSE they're irrelevant"* crowd that irritates, not people pointing out the alternatives. Dunno what Markel's PEI offering costs (it's not on their website for some reason...), but basic IPSE gives exactly the same cover, plus a discount on Markel's £248 contract reviews for instance, so may actually be cheaper as well as being unconditional.Originally posted by JohntheBike View Post
* On that point, if Javid does review IR35 and April 2020 (yes, I know, unlikely but possible), that's IPSE's doing… so not that irrelevantBlog? What blog...?Comment
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I would be very surprised and a little disappointed if QDOS would retrospectively insure you for past work. I'm sure I've seen somewhere they won't.Originally posted by JohntheBike View Post'CUK forum personality of 2011 - Winner - Yes really!!!!
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what I mean is that I would expect that they would review your current and past situation and offer insurance if they thought you were outside of IR35. If examination of your history indicated that you were caught, then I guess they would not offer insurance going forward.Originally posted by northernladuk View PostComment
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