PAYE/DIVS (I feel like a DIV !!!!!)

[Weltchy]

I was quoted an insurance policy (I think it was Randall & Dorling) that allowed me to specify that insurance cover was retrospective, ie I can pay for the insurance now and specify that I be covered for last year. Most likely tho, this just increases my premium for the first year.

[Cowboy Bob]

Is that a known fact?

I ask because it is not true of all insurances: liability generally covers you if you are insured at the time of the claim, not the incident. I could equally imagine investigation insurance being insurance against the investigation, not the original contract.

Don't know about all of the policies out there, but in my case it is the investigation of my contracts that is covered, not just investigation in general. Therefore, I need to be insured at the time of signing the contract.

[Euro-commuter]

No insurance company is going to pay out if the contract being investigated wasn't covered by their insurance at the time.

Is that a known fact?

I ask because it is not true of all insurances: liability generally covers you if you are insured at the time of the claim, not the incident. I could equally imagine investigation insurance being insurance against the investigation, not the original contract.

[DaveB]

You can get a PAYE investigation at any time and that can lead to further investigation for VAT, IR35 etc.

[Cowboy Bob]

If you are opening a limited company now (end of this financial year) then IR doesn't see your company report until next financial year end. So is there any possibility of an investigation before then? If not, then is it necessary to buy the insurance now? Or am I missing something..

No insurance company is going to pay out if the contract being investigated wasn't covered by their insurance at the time.

[kingshuk]

Get PCG+ Membership and you're covered for all your required insurances + IR35, PAYE investigation, VAT and NI disputes.

If you are opening a limited company now (end of this financial year) then IR doesn't see your company report until next financial year end. So is there any possibility of an investigation before then? If not, then is it necessary to buy the insurance now? Or am I missing something..

[DaveB]

Again.. I'm fairly new to all this.. I have been with Giant who have deemed as 'outside IR35' and give me Insurance for it but the reality is that HMRC will deem it as inside...

What do I do ???

My Own Ltd Company ???

But what do I pay myself..

Only PAYE
Minimum Wage PAYE and the rest divs
PAYE to cover personel outgoings then divs

Am well confused.. All i do now is that i should leave Giant..

Also, has anyone heard of 'SundaySolutions' they have approched me and offer a managed 'Self Employed' service..

Get tour contract checked for IR35 byt Bauer and Cottrell or Lawspeed etc.
Chances are you are outside anyway and B&C will negotiate the nessesary changes to ensure it if they think you might not be.

Get a good accountant - a search for that phrase on here will find the usual suspects - and start your own ltd. Thats all you need. No "managed services", no "specialised solutions providers".

PAYE to up to your tax allowance, maybe a bit more - your accountant will advise you on this, plus genuine expenses plus dividends.

You'll be better off, you'll be in control, and you are far less likley to get caught out by the legislation chnages in April.

Get PCG+ Membership and you're covered for all your required insurances + IR35, PAYE investigation, VAT and NI disputes.

[Bluebird]

If you are inside IR35 then you have to pay PAYE, if you are outside you can still pay PAYE, but you COULD be better off by using your own ltd company.

Step 1 - get your contract checked to ascertain IR35.

[wlln001]

Again.. I'm fairly new to all this.. I have been with Giant who have deemed as 'outside IR35' and give me Insurance for it but the reality is that HMRC will deem it as inside...

What do I do ???

My Own Ltd Company ???

But what do I pay myself..

Only PAYE
Minimum Wage PAYE and the rest divs
PAYE to cover personel outgoings then divs

Am well confused.. All i do now is that i should leave Giant..

Also, has anyone heard of 'SundaySolutions' they have approched me and offer a managed 'Self Employed' service..