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Reply to: MVL and IR35 Insurance
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Previously on "MVL and IR35 Insurance"
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The "professional" recommendation would indeed be to keep it going for a couple of years after liquidation to virtually guarantee you're safe.
Depends on your attitude to risk, but given how few IR35 challenges there are anyway, do you really think they'd likely pick on a company that was recently closed via a formal liquidation process? For that to have been done, a licensed insolvency practitioner would have overseen the whole thing, written to HMRC specifically asking for clearance, been granted it (or at least sufficient confirmation from HMRC that they were happy to close), and then closed. Personally I can't see HMRC deciding that a case like that was one they then later decided to go after.
The above is of course no guarantee they won't, but if I were in your shoes, I wouldn't bother to pay for another year.
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Couldn't be bothered to work the dates out but I'd be going for the remainder of the year and one full one after that. If that is what you said the sounds good.
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Thanks again, loads of info in there, thank for search, some people mentioned two years cover after company closed down but as above can only see need for one year - been permie since Sept 2016 so last tax year will have contract monies and company distribution in it and will be in SAR at the end of this year for 16/17 tax year. The 17/18 tax year will only be permie work so thought would be fine to drop insurance next time round unless there is some delay in investigation after submitting the 16/17 SAR but would have to run until after Aug 2018 (next insurance expiry date) to need a second year insurance unless missing something.
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Originally posted by LimitedMan View PostCool thanks for quick response, did search the forum, the search terms threw up a lot of responses and couldn't see exact question but guessed would be in there somewhere (be great if someone had link - will look again if not). Looks like should keep it going another year and do calculation on what level need.
Many thanks,
LimitedMan
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Cool thanks for quick response, did search the forum, the search terms threw up a lot of responses and couldn't see exact question but guessed would be in there somewhere (be great if someone had link - will look again if not). Looks like should keep it going another year and do calculation on what level need.
Many thanks,
LimitedMan
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This point has been answered before. Briefly, if there is to be an investigation it will be in the year after you close the company and submit the relevant SAR. So that is as much cover as you reasonably need.
Whether or not that's good use of £700+ is up to you.
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MVL and IR35 Insurance
Hi,
I closed my Ltd company down earlier this year after 20 years of contracting (used excellent MVL Online - thanks to this forum), that was back in January, believe takes a few months after formal documents for everything to be killed off. My IR35 insurance expires in August with Qdos and was wandering if should renew for another year using personal money (the top 100k level is pretty pricey at £712 - need to do calc as last 6 years put quite a bit in pension so might be able to go lower level of cover).
The Capital Gain from the MVL will go on the tax return at the end of this year and guess that could be a trigger point for hmrc.
Any advice greatly appreciated on whether think worth continuing for another year or two or now company closed then all in the past.
Kind Regards,
Limited ManTags: None
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