Insurance Info

Professional Indemnity Insurance (PI) is difficult to comprehend. However, I’ve devised a guide to make professional indemnity insurance simple.

What is Professional Indemnity Insurance?
Professional Indemnity Insurance is a form of business insurance for professionals who are in industries where others may rely on their professional advice. By being regarded as an ‘expert’ in a field, others may seek legal action against you if they suffer a loss from your professional advice.

For example, if you are an accountant and are responsible for preparing and lodging your client’s tax returns, a failure to lodge the tax returns on time can result in interest and penalties for your client. Your client could take legal action against you for a breach of your professional duty.

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Disputes with HMRC (aka the taxman) can be protracted, worrying and potentially very expensive. IR35 insurance can save you time, anxiety and money.

Perhaps you think it will never happen to you. After all, you and/or your accountant are scrupulous in keeping the books and filing your returns on time.

Don’t be so sure.

HMRC conduct thousands of enquiries into the tax affairs of freelancers every year. The freelancers concerned are often selected at random and, in the early stages, will be quite unaware that they are being investigated.

So it could happen to you. In fact, it could be happening to you right now.

One of the big issues, since the introduction of the IR35 rules in 2000, is the question of status. As far as you’re concerned, it’s a straightforward fact that you’re self-employed. HMRC may not see it as so straightforward. Indeed, they may not see it as a fact at all.
Continue reading ‘IR35 TAX PROTECTION INSURANCE: Don’t Get Caught Between A Rock And A Hard Place’ »