HMRC Enquiry Insurance

[Jasandjules]

Does everyone have this?

[dacouch]

It's frequently included free of charge in the Legal Protection Cover offered either free or as an optional addition to Business Insurance

[LordHaveMurci]

Apparently its included in my FSB membership but we pay for cover through our accountants which means we get to use them guaranteed. It's not expensive & the one & only time we've had to use it, it was very worth the cost!

[s2kjock]

The firm I work for sells this. I'm not sure what the % take up is but it certainly seems more popular with those with more complex structures and affairs.

[Jasandjules]

Interesting I will check with my indemnity insurance for starters.

My accounts are not that difficult really. But still, just in case....

[GlenMH]

LordHaveMurci said:

Apparently its included in my FSB membership but we pay for cover through our accountants which means we get to use them guaranteed. It's not expensive & the one & only time we've had to use it, it was very worth the cost!

+1 for the FSB here, too.

[Jasandjules]

But yes it is only £120. Which could be a lifesaver should the HMRC decide they don't like my piddly company...

[sparks85]

Is FSB membership similar to IPSE membership?

[anonymous-user]

Jasandjules said:

But yes it is only £120. Which could be a lifesaver should the HMRC decide they don't like my piddly company...

Exactly. It costs peanuts. I know a few people who have been the subject of random HMRC investigations. £3-5k in fees paid out, and they had nothing untoward in their records.

Absolute no brainer as far as as I can see.

[Jasandjules]

Greg66 said:

Exactly. It costs peanuts. I know a few people who have been the subject of random HMRC investigations. £3-5k in fees paid out, and they had nothing untoward in their records.

Absolute no brainer as far as as I can see.

Yes, I think I will check with my insurance broker and if is not in my PII then I will pay it.

I think my accountant thought we'd be 1k before we started with an investigation.

[Flooble]

Have a look at http://www.contractoruk.com/ - they seem to rate QDOS quite highly for various insurances (http://www.qdoscontractor.com/insurance/tax-ir35-cover/tax-enquiry-insurance)

[LordHaveMurci]

Flooble said:

Have a look at http://www.contractoruk.com/ - they seem to rate QDOS quite highly for various insurances (http://www.qdoscontractor.com/insurance/tax-ir35-cover/tax-enquiry-insurance)

Pretty sure we're with Qdos, done through our accountants.

[berlintaxi]

Greg66 said:

Jasandjules said:

But yes it is only £120. Which could be a lifesaver should the HMRC decide they don't like my piddly company...

Exactly. It costs peanuts. I know a few people who have been the subject of random HMRC investigations. £3-5k in fees paid out, and they had nothing untoward in their records.

Absolute no brainer as far as as I can see.

Exactly, for the size of premium why would you not, if HMRC get you in your sights the accountants bills start to ramp up very quickly.

[insurance_jon]

dacouch said:

It's frequently included free of charge in the Legal Protection Cover offered either free or as an optional addition to Business Insurance

Tread Carefully with his as usually the accountants cover is wider than legal expenses cover:

i.e - most legal expenses policies exclude Aspect enquiries, and you can't always use your own accountant/doesn't cover their fees where they have to assist