Commentators are of the opinion that UK plc faces one of its most challenging phases as Brexit, continuing austerity and as global markets await a more settled phase as the super powers posture.
During these uncertain times, nonetheless, we have seen a spike in those entering self-employment with the “gig-economy” in full swing. Over the last few years more people than ever have decided to turn their backs on the security of employment and begin their own enterprises.
Ensuring that businesses are protected and thrive
Caunce O’Hara, being an insurance broker that has always embraced and advised the “new start”, currently insures over 40,000 freelance, SME and professional practices. Our intention has always been to ensure that businesses are protected and thrive by offering a comprehensive suite of liability insurance covers.
The popularity of Tax Enquiry & Legal Expenses insurance is no coincidence with new start-ups as more and more businesses appreciate the stark reality of the competitive and often litigious environment they operate in.
Today, many UK businesses face not just statutory, regulatory and compliance issues but often the consequences of employment and contract disputes, data protection breaches, landlord and tenant matters and increasingly enquiries and investigations from HMRC, to name but a few areas where Tax Enquiry & Legal Expenses insurance can prove invaluable.
Of particular interest to our freelancer and contractor clients working in the Public Sector
Currently, is that their employment status will have be determined by third parties ( Public Sector Bodies or Agencies ) from 6th April 2017, and going forward that status could be challenged by HMRC. If that were to happen, a freelancer operating their own Personal Service Company (PSC) or not, as the case may be, could be in a position where they would need to defend their position if legal action(s) were to flow
It seems quite apparent that IR35 tax legislation is becoming more of a grey area and there are no signs that HMRC will abate in pursuing companies and individuals they feel fall foul of the new rules that come into force on 1st April 2017.
Such insurance is acquired to fund the costs of legal advice and/or the costs of bringing or defending a court case. Legal expenses is not designed to pay a policyholder the actual damages they are trying to recover, nor does it cover someone’s liability to pay damages to others.
In an increasingly litigious society and where the costs of defending oneself or one’s business are high , it’s a prudent decision to purchase TE & LE insurance. It could mean the difference between survival and demise in business.
Tax Enquiry & Legal Expenses insurance is a specialist policy yet is relatively inexpensive to purchase. It remains a cost effective and crucially important form of protection should you consider. Call 0161 833 2100 for details.