IR35 insurance - is it worth it 2.5 years into contracting

[mudskipper]

Hi All

I'm new here - been reading the forum for a few years but only decided to join today.

I've been an IT contractor, working via my own Ltd co for 2.5 years. Worked with 2 large bank clients in total - 1st bank for 14 months, then I took 3 months off, then went to 2nd bank. I've been at the 2nd bank for 13 months and am still there.

My accountant is a member of IPSE, has always performed my contract reviews, and as part of my accountancy costs would defend/represent me during any investigation. My contracts have always been reviewed as outside IR35.

I've been thinking recently re: IR35 insurance and always find myself coming back to the QDOS website, but have a few questions.

If I buy the QDOS Tax Liability Insurance (TLC) now, does it cover my contract from the point I buy it, or will it protect my previous contracts?

Thanks

You should get your contract reviews done by a specialist - B&C, Abbey Tax, QDOS. Your accountant is unlikely to be the best person.

I'd query your accountant being a member of IPSE - they used to have an accredited accountant scheme, but I think that is long defunct. Your accountant being a member of IPSE does not make you a member of IPSE. Your accountant might be your first port of call in the event of a tax enquiry, but you would definitely want a specialist to defend you.

[jamesbrown]

Were there no clues in their T&Cs?

[jamesbrown]

The T&Cs are in the public domain.

https://www.qdoscontractor.com/docum...9-12-06-01.pdf

It clear says that it's a "claims made policy". Translation: you will be covered if the claim is made within the covered period, regardless of the period to which the claim refers.

However, you need to be aware of the many other exclusions, notably about there being a realistic prospect of success. If you have working practices that are inside (and the client says that too), this insurance won't save you.

[northernladuk]

I proceeded to the quote page and it asked for me to upload more than one document/contract - hence why I asked and because their offices are closed, I decided to ask here in case others had had experiences with QDOS.

When you find out can you tell us. If 1500 GSK contractors turn up expecting insurance they might have to rethink whatever they used to do in the past.

Were there no clues in their T&Cs?

As a long term paying customer I'd like to know what the answer is as well.

[tld2004]

Why do you think they will honour your previous contracts when they've no idea what the contract said or anything about the engagement. That's a bit of a big ask.

I'd say ring them and ask them all these types of questions rather than us.

I proceeded to the quote page and it asked for me to upload more than one document/contract - hence why I asked and because their offices are closed, I decided to ask here in case others had had experiences with QDOS.

[northernladuk]

Why do you think they will honour your previous contracts when they've no idea what the contract said or anything about the engagement. That's a bit of a big ask.

I'd say ring them and ask them all these types of questions rather than us.

[tld2004]

Hi All

I'm new here - been reading the forum for a few years but only decided to join today.

I've been an IT contractor, working via my own Ltd co for 2.5 years. Worked with 2 large bank clients in total - 1st bank for 14 months, then I took 3 months off, then went to 2nd bank. I've been at the 2nd bank for 13 months and am still there.

My accountant is a member of IPSE, has always performed my contract reviews, and as part of my accountancy costs would defend/represent me during any investigation. My contracts have always been reviewed as outside IR35.

I've been thinking recently re: IR35 insurance and always find myself coming back to the QDOS website, but have a few questions.

If I buy the QDOS Tax Liability Insurance (TLC) now, does it cover my contract from the point I buy it, or will it protect my previous contracts?

Thanks