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Honestly, do you contradict for fun? IR35 IS about working practises.vin123 wrote:IR35 is not about working practices, it is a legislation to tackle tax avoidance.
Put it simply, If you declare you are working "inside IR35" -then you pay more tax.
If you declare you are outside IR35 and pay less tax, is up to you to make sure your work is really deemed outside IR35.
HMRC has vested powers within them to make inquiry about working practices. They will assess whether someone is really operating as they claim or just a tax avoidance mechanism.
They do investigate routinely and statistically it turns out to be less than 2% of the cases. So if your limited company gets picked up for an IR35 enquiry, then consider yourself extremely unlucky, hence there are lots of insurance providers out there who will provide cover for you.
Matey, I have nothing against you. All I try here is help people, by furnishing correct and accurate facts.Wanderer wrote: Honestly, do you contradict for fun? IR35 IS about working practises.
If you read this 'posters' response in detail you'll see he's actually agreed with my post, I do think our illustrious poster has an issue with me, and attempts to antagonise me, I am the James Hunt persona, he's the Niki Lauda!
Let's race!
Join the PCG for a start, and if you get your standard insurances (PL/PI) from QDOS they will check three of your contracts for IR35-ness for free.newbiehere wrote:First of all, thanks vin123 and Wanderer for your response. It really helps to make things clear.
So, it appears to me that I am in a high risk group if I do contracting from Limited company for my current employer.
Is insurance a safe bet in such case or are there any hidden facts about these insurance companies. I am looking to take an insurance that covers any fees during inquiry and any tax liabilities. Does that cover everything?
Thanks in advance.
I'd go with PGC, it's more all-in. QDOS is good though! PGC gives you a lot more inc IR35 issurance (IIRC) and HMIT investigation insurance as well as a whole lot of extra benefits.newbiehere wrote:Thanks Wanderer for your response.
Please excuse my lack of knowledge here but is there any difference in PCG and QDos insurance cover. The benefits of both look similar.
https://www.pcg.org.uk/join-us
and
http://shop.qdosconsulting.com/freelanc ... cover-tlc/
Do I need to take both these covers or one is enough?
Thanks in advance.
But PCG is not an insurance provider. So, how do you think PCG is everything in?Wanderer wrote: I'd go with PGC, it's more all-in. QDOS is good though! PGC gives you a lot more inc IR35 issurance (IIRC) and HMIT investigation insurance as well as a whole lot of extra benefits.
AIUI they offer IR35 checks, not the insurances, u'll need them too, my bad, I'm 52, and my mind has gone!newbiehere wrote:But PCG is not an insurance provider. So, how do you think PCG is everything in?Wanderer wrote: I'd go with PGC, it's more all-in. QDOS is good though! PGC gives you a lot more inc IR35 issurance (IIRC) and HMIT investigation insurance as well as a whole lot of extra benefits.
Firstly, note that there are only 8 or 10 cases so far where IR35 has been bitterly fought by the Revenue to make a ruling against the favour of Director/Shareholder especially with section 660A(This is is applicable if you use your partner/wife/shareholder to channel non-NIC paid dividend income to your personal/family benefit).newbiehere wrote:Thanks Wanderer for your response.
Please excuse my lack of knowledge here but is there any difference in PCG and QDos insurance cover. The benefits of both look similar.
https://www.pcg.org.uk/join-us
and
http://shop.qdosconsulting.com/freelanc ... cover-tlc/
Do I need to take both these covers or one is enough?
Thanks in advance.
There is a lot of paper work involved if you are a director of limited company. Most of them are routine and self-administered (for e.g paying invoices, salary, PAYE, expenses,VAT etc etc)newbiehere wrote:Thanks Vin123 for your response, this surely helps.
I will try to find some accountant that offers such representation. I am about to start contracting in few days so in a 'building blocks' stage at the moment. This forum and post has definitely helped me with my doubts.
The following is what I am thinking of doing, will appreciate your thoughts:
Company - http://www.companiesmadesimple.com/
Accountant - http://www.capricaonline.co.uk/contractor-accountants/ or would you prefer a local accountant?
Thanks in advance.