Reply to: tax enquiry insurance

[jamesbrown]

Good God, who thinks these things up.

IPSE

[Keanu2020]

oh the FLC hasn’t been forgotten - I’m
expecting it to appear in the next Labour Government as a fix for self employment - basically it will make you PAYE but allow some money to be kept untaxed for use during periods where you aren’t working.

Good God, who thinks these things up.

[jamesbrown]

All I'd say here is don't buy it from your accountant. Whenever I've heard any accountants talk about offering this to their clients, they chuckle about the fact they add a huge markup on the premium itself, then if ever HMRC query anything, the accountant can get paid £££ from the insurer for dealing with it.

Fear sells, and it's an easy way your accountant can cream extra cash from you without you realising.

If you're going to get insurance like this, make sure it benefits you, not your accountant.

Apart from anything else, this is one way to guarantee an MSCP/MSC relationship under ITEPA Ch. 9, so if you know of any accountants doing that, I despair.

[Maslins]

All I'd say here is don't buy it from your accountant. Whenever I've heard any accountants talk about offering this to their clients, they chuckle about the fact they add a huge markup on the premium itself, then if ever HMRC query anything, the accountant can get paid £££ from the insurer for dealing with it.

Fear sells, and it's an easy way your accountant can cream extra cash from you without you realising.

If you're going to get insurance like this, make sure it benefits you, not your accountant.

[jamesbrown]

oh the FLC hasn’t been forgotten - I’m
expecting it to appear in the next Labour Government as a fix for self employment - basically it will make you PAYE but allow some money to be kept untaxed for use during periods where you aren’t working.

I mean, it was the thought baby of Labour activist and IPSE founding member, Philip Ross. But, if they do, it'll be an even fuglier version of IPSE's original proposal. As I said at the time, it was a moronic idea, akin to pinning a "kick me" on your back.

[jamesbrown]

The representation at parliamentary committees is always strong

I agree that Andy Chamberlain is always very good in PCs.

[eek]

I suspect FLC has quietly been forgotten.

oh the FLC hasn’t been forgotten - I’m
expecting it to appear in the next Labour Government as a fix for self employment - basically it will make you PAYE but allow some money to be kept untaxed for use during periods where you aren’t working.

[malvolio]

Did you accidently transpose the words criticism and organisation?

IPSE always oversold their lobbying "successes", so it's fair game to criticise their consistent lobbying failures (that is, the failure to even identify the correct things to lobby over and a plausible strategy to address them). But the real failure was buying into political lobbying as a workable strategy

Again, they're in a perilous spot now - look at their recent financials - and it isn't purely related to the pandemic and IR35, rather a failure to be relevant to the core membership paying those Plus membership fees.

I'm not supporting them, and resigned my membership some time ago. The fact remains that regardless of the politics, their protection is about the best out there for the money.


The finances are terrible now but that is as much from Chapter 10 changes and the impact that has had as anything.

[Protagoras]

In the present environment, worth knowing what their cover is for MSC legislation related enquiries?

IPSE - https://www.ipse.co.uk/member-benefi...anies-faq.html

Again, they're in a perilous spot now - look at their recent financials - and it isn't purely related to the pandemic and IR35, rather a failure to be relevant to the core membership paying those Plus membership fees.

Which is a shame, I think. The representation at parliamentary committees is always strong and they’re probably the most persistent lobbyist for those impacted by off-payroll.

[jamesbrown]

Nevertheless, a pointless criticism of a what was a different organisation with different aims.

Did you accidently transpose the words criticism and organisation?

IPSE always oversold their lobbying "successes", so it's fair game to criticise their consistent lobbying failures (that is, the failure to even identify the correct things to lobby over and a plausible strategy to address them). But the real failure was buying into political lobbying as a workable strategy

Again, they're in a perilous spot now - look at their recent financials - and it isn't purely related to the pandemic and IR35, rather a failure to be relevant to the core membership paying those Plus membership fees.

[jamesbrown]

I suspect FLC has quietly been forgotten.

It's worth an incredulous chuckle every now and then.

[malvolio]

In the present environment, worth knowing what their cover is for MSC legislation related enquiries?

No idea, but IPSE cover is for any tax-related investigation, not just IR35.

[malvolio]

I suspect FLC has quietly been forgotten.

I would suspect it was never going to fly in the form that most people (wrongly) assumed it was going to take. But that was years ago in a totally different climate. It's no going to happen now.

Nevertheless, a pointless criticism of a what was a different organisation with different aims.

[Fred Bloggs]

There seems to be a difference in the tax enquiry insurance offerings with regard to personal tax enquiry cover ..

IPSE - "Both Standard and Plus memberships protect you and your business from any HMRC tax investigation. This includes Income Tax enquiries, VAT disputes, and of course IR35 investigations." https://www.ipse.co.uk/ipse-news/ips...embership.html

FSB - "If the enquiry starts by looking into your business accounts and then HMRC decide to look at your personal finances, our tax investigations service will cover that."
https://www.fsb.org.uk/join-us/membe...rotection.html

In the present environment, worth knowing what their cover is for MSC legislation related enquiries?

[mudskipper]

The limitations of lobbying is one thing, their insane policy positions, such as the FLC, another

I wouldn't be surprised if IPSE weren't too much longer of this world.

I suspect FLC has quietly been forgotten.