Our Insurance News area provides the latest insurance news related to the IR35 Legislation, Professional Indemnity and Contractor Insurance.
Did you know that Limited Company Contractors can now pay for their personal Life & Critical Illness Cover through the business?
C&D BPS are excited to introduce Contractor Relevant Life & Critical Illness Insurance, the most comprehensive Relevant Life & Critical Illness Policy currently available on the market today. You can now add Critical Illness to your tax-efficient Relevant Life Plan and have your Limited Company pay the premiums. This new policy is proving very popular in the Contractor market, not only can you now add Critical Illness but your company pays the premiums. It is classed as a business expense, meaning it’s tax-deductible, is not a benefit in kind, and can be up to 50% cheaper than paying for the same cover personally.
There are a number of insurance policies on the market for contractors, but none of them are legally required with the single exception of Employers Liability (and only in the event of there being one or more employees in the company other than yourself, including your spouse doing the books).
Those who are new to contracting must consider a number of factors to enable their company to succeed and not fall at any pitfalls that face modern contractors. New contractors need to study and seriously consider the correct insurance in order to work through their limited companies.
In the modern business climate, the attention to safety and precaution is high, and with lines of work that come with ‘professional risk’, the need for protection is great. Insurance is a commodity that is necessary in all sectors of trade, and this is adamant for those who are self-employed, and to any professional concerned with taking care of business, correct insurance is crucial.
Agencies have always been a sure way in which freelancers and contractors can find accessible work, without certain rigmaroles and costs that can come with the process of doing it alone. Research has revealed however that a staggering 70% of modern contractors are using recruitment agencies and jobs board to find new employment opportunities.
Contract reviews are a task that all contractors require, and more often than not are failed over very simple or easily avoided factors. With the help of highly experienced professionals, we have compiled the top 5 most common contract slip ups, so if ever you have failed a contract assessment or are in need of contract and IR35 advice, then take a look at this helpful insight.
A business, no matter how anybody tries to dress it up (or down) is fundamentally not much different than any other. Sure product, audience, revenue and targets may change, but at the bare bones of it all, a business is selling something to somebody, and that’s a fact. (If your business does not abide by this concept, then we advise that you seriously re-think your business strategy).
With words like ‘investigation’, ‘enquiry’ and ‘scrutiny’ being bandied around the contracting world, the whole concept of IR35 is one that quite often strikes fear into any budding freelancer.
Many contractors may be wondering at this point as to whether they should be worrying about IR35. If you are new to the contracting game (or you have been living under a rock) then the whole business regarding IR35 rules may have passed you by, in which case be warned: getting caught by the IR35 legislation could have a huge financial impact.
When it comes to the IR35 business test, scoring points is the aim of the game, but how relevant is being ‘low risk’ in the eyes of the HMRC?
Many contractors question the relevance of the business entity test and go as far to challenge its relevance when it comes to IR35. The HMRC can scrutinise any contractors over disputes and inquiries regarding IR35, a legislation that exists in order to discern whether a contractor is indeed what they are claiming they are, and not in fact a ‘disguised employee’.
With the country going barmy for the summer’s Olympic Games, contractors mustn’t forget to keep on top of their IR35 status.
The news and headlines these past weeks have been crammed with stories and rumours of this summer’s Olympics; even the roads of London have become a nightmare to traverse with re-direction and Olympic related congestion. With this commotion and clamour at large, we advise contractors do not lose focus on their IR35 issues as the HMRC are tightening their grip on potential ‘disguised employees’.
In the harsh, competitive business world, every company strives to be one step ahead of the rest. This can range from undercutting opponents to offering that little bit extra, and recently firms across the nation are attempting to outdo each other in the ever changing area of IT.
This is great news for contractors, because the more investment made into IT results in more contracts and higher earnings for IT contractors. A contractor’s professional position relies on working within a contract basis, and with greater investments within technology; far more contracts will become available.
I have written countless articles entitled, what is PI Insurance? Literally, one way or another I have described what PI Insurance is about 100 times more than any man has to do. (Which I estimate is around a dozen… and not a baker’s dozen at that). I have suddenly decided that that’s enough. No longer will I be writing about what PI Insurance is, and no longer will I be reciting endless scrolls on the benefits of that flipping insurance policy.
Anonymous phone calls, strange phoney agents, non-existent addresses? This may sound like the makings of some cheesy FBI movie, but this is what some IT contractors are reporting, and paranoia is surfacing… are the HMRC somehow connected? Is IR35 scrutiny taking a nasty turn? Do those who make the rules then not have to play by them?
There are many contractors who may well understand the necessity and importance of Professional Indemnity Insurance but still feel uneasy when purchasing such a product. To understand which policies are the rights ones, one must first study the differences between each type of contractor insurance.
Professional Indemnity Insurance (PI insurance) is a much needed, frequently bought policy, and is regarded as a business’s bread and butter when it comes to insurance. It is by far one of the most popular forms of business insurance and is one of the most essential, beneficial and therefore popular products on the market. This poses a couple of frequently asked questions however… Just why is it that PI insurance is so widely bought? And to whom is it most beneficial? Well, we know the answers…
If online shops are the way forward in an expanding sales environment, then Qdos are leading the way in insurance marketing.
A time and cost free guide to reducing you insurance rates effectively and easily.
In a market of hefty price tags, cheap insurances do exist. The question is however, which policies you should steer clear of, and which should you consider. Does cheap PI insurance really exist?
Recent reports have shown shocking numbers of workers in the public sector that are avoiding tax and dodging the national insurance by working via individual limited companies.
As the insurance markets continue to expand, with policies increasing in both value and scope, it is feared that the customer is beginning to get left behind. Worry exists that within the busy market, no one is bothering to give personal and independent guidance.
As the HMRC ‘improved’ guidance is released regarding legitimacy of personal service companies, many believe that it is not enough to prevent IR35 abuse.
Business advisor Philip Fisher commented on the recent assessment and points out a number of flaws regarding each test drawn out in the HMRC valuation.
As agencies around Britain report falling numbers of contract placements, insurance is set to feel the effects.
Billings for contract placements has been on the decline since the beginning of last year, and as agencies show this continuing fall throughout 2012, those in the market of contractor insurance are faced with potential problems. Temporary contractors often require a number of safeguards from insurance companies to secure both their position and peace of mind. From contractor insurance to contractor PI insurance, these placements are necessary for insurers to sell products, but if the numbers of placements themselves are waning, this ripple effect could have an impact on how insurers set both prices and packages.
Professional indemnity insurance is a policy that operates on the system of ‘claims made’ as opposed to occurring when an action takes place. ‘Run off’ is a PI insurance policy that protects a client from a claim that may be made far after their action took place.