Originally posted by shazbot
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Previously on "QDOS Tax Liability Cover (TLC35) vs Offerings from IPSE Plus"
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Originally posted by SueEllen View PostIn answer to your specific question in theory you wouldn't need tax investigation insurance in your first year of trading. In practise HMRC could start a tax investigation if they see your VAT returns are dodgy after a couple of quarters or something else alerts them to something being not right. As a business owner it is up to you to assess the risk for your business yourself.
I've been contracting for 3 months through a new VAT registered company, and have not even submitted my first VAT return, but have just had a letter from HMRC VAT fraud investigations dept that could turn into a full investigation. More details in this thread.
So it's best to get full insurance from day 1 - HMRC can investigate whenever they like even in first quarter.
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Originally posted by malvolio View PostSo that just leaves unrestricted PEI, agency default cover, sickness cover, lost days for admin cover, discount life insurance, discounted pension access, discounted training and loads of supporting material and other information then...
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Originally posted by kaiser78 View PostAnd you can also asked to be made exempt from being called up for jury service (ever), so this one then goes away.
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Originally posted by SueEllen View PostYou have a 35% risk of being called up for jury service in England and Wales over your lifetime and about half that of actually having to serve on a jury for 2 weeks.
So like with everything it is still a risk assessment.
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Originally posted by atanas View PostFFS, get a life. Alright, I will never ask a single question ever again! Just rely on old post from years ago. Are you happy now???
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Originally posted by pr1 View PostTrue but I joined IPSE+ within a couple of months of starting after being recommended by another contractor - 2 months later I was called up for jury service (which IPSE+ cover lost billing time up to 2 weeks) so it paid for itself for the next 5 years straight away
So like with everything it is still a risk assessment.
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Originally posted by pr1 View PostTrue but I joined IPSE+ within a couple of months of starting after being recommended by another contractor - 2 months later I was called up for jury service (which IPSE+ cover lost billing time up to 2 weeks) so it paid for itself for the next 5 years straight away
Just the number of people we see on here that have had contracts pulled by agents and could have claimed on the business interruption makes it a no brainer on top of everything else. I believe PC has had some dollah out of that.
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Originally posted by SueEllen View PostIn answer to your specific question in theory you wouldn't need tax investigation insurance in your first year of trading. In practise HMRC could start a tax investigation if they see your VAT returns are dodgy after a couple of quarters or something else alerts them to something being not right. As a business owner it is up to you to assess the risk for your business yourself.
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Originally posted by atanas View PostFFS, get a life. Alright, I will never ask a single question ever again! Just rely on old post from years ago. Are you happy now???
In answer to your specific question in theory you wouldn't need tax investigation insurance in your first year of trading. In practise HMRC could start a tax investigation if they see your VAT returns are dodgy after a couple of quarters or something else alerts them to something being not right. As a business owner it is up to you to assess the risk for your business yourself.
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Originally posted by atanas View PostLet me hijack the thread. I'm looking at the insurance options as well and I wonder is it worthed to have TLC in your first year of your company formation? QDOS Tax Liability Cover (TLC35) with limit of £25k costs £199.00
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Originally posted by northernladuk View PostNot you again... You don't need to Hijack it. Just read it and the links attached. Your constant demands for answers is getting a bit long in the tooth.
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