Freelancer Insurance
Here at Freelancer Financials we are happy to be able to provide the essential insurance cover to purchase on our online shop.
Policies that we can provide are created and dealt with by Qdos Consulting Ltd, a well established business compliance and consulting firm who has not only offered insurance policies to the freelancer and contractor market place but also supported them with contract assessments. They have represented and won over 1000 HMRC investigation cases to date.
Qdos Consulting is also authorised and regulated by the Financial Services Authority.
Tax Enquiry
Any HMRC enquiry is daunting, stressful and generally expensive. Small errors can end up as large tax demands. If you’ve done nothing wrong, paying expensive representation costs just to prove your innocence leaves a particularly nasty taste in the mouth. Furthermore, under self assessment anyone can be randomly selected for enquiry.
It is always advisable to seek professional advice and representation in the case of an enquiry. Qdos has therefore developed the Freelancer Tax Protection policy, which covers up to £50,000 of our costs, meaning your case will be dealt with by one of the UK’s top tax experts. It is just £99 per annum and covers all backdated tax years.
IR35
IR35 was introduced by HM Revenue & Customs (HMRC) in April 2000 and was originally designed to catch people who were an employee of a company on a Friday, only to return as a contractor on Monday simply to take advantage of the tax benefits.
Since then it has developed and HMRC regularly attack contractors of all types, which causes huge levels of uncertainty and worry. If a contractor is investigated enquiries can often take over two years to conclude and if unsuccessful can mean an enormous tax bill. Last year a contractor lost his case at the High Court and was faced with a bill of £99,000.
Many of the IR35 challenges are as a direct result of a PAYE compliance visit. However, under self-assessment, HMRC has the power to open an enquiry into any tax return or set of business accounts. The professional fees to defend such enquiries can be substantial. The importance of considering insurance against this eventuality has never been as high as it is today.
The chances of being investigated differ widely from sector to sector but our experience shows that freelancer contractors are very much under the spotlight.
If you provide services for customers over a longer period of time the Intermediaries Legislation (IR35) will become an issue.
Business Insurance
It is often vital that you hold business insurances, namely Employers’ Liability, Public Liability and Professional Indemnity. These not only provide coverage should a claim ever be made, but also help to show that you are a genuine business should your status be called into question.
“As a contractor or freelancer you are responsible for providing a service to your client, hence if any of the work or recommendations you make are incorrect you are liable.”
The type and level of coverage required will vary from trade to trade, but some insurers offer low cost ‘off the shelf’ policies.
Qdos Freelancer Public and Employers’ Liability Insurance (PL & EL) is tailored to provide your business with the protection required to meet your statutory obligations.
Click here for our Client Agreement which should be read. Click here for a copy of our Initial Disclosure Document (IDD).
Testimonials
"We have been introducing Contractors and Freelancers to Freelancer Financials for several years now. They have established themselves as the preferred choice of financial advisors to all our IT contractors and Freelancers."
Bernie Potton SQ Computer Personnel (largest independent IT Recruitment Agency in the UK)
"John Yerou and his team provided the brokerage service for my last 3 mortgages and I cannot rate them highly enough. No matter how large or small the request they always provide a speedy and professional response. I would never consider using another advisor/broker."
Roz Clifford… Freelancer
"Finding a Financial Advisor who’s professional and knowledgeable is a bonus but one that you trust and feel comfortable with immediately is rarer still. I have recommended John to virtually all the other IT Contractors that I work with and will continue to use their services in the future."
Jakub Baluch... IT Contractor
