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Tax Investigation insurance covers representation expenses for an accountant or professional adviser, and legal advice. The policy is applied to tax investigations including Income Tax Self-Assessment, Corporation Tax Self-Assessment, Employer Compliance Disputes, and VAT and IR35 Disputes. These disputes usually come after a PAYE routine check from HMRC. If non-compliance is established, the audit becomes an investigation. Some insurance companies provide a policy for PAYE audits to cover for representation services througout the whole process of a PAYE investigation. This includes expert support and advice during the PAYE compliance visit itself. In the event that an IR35 enquiry finds against the taxpayer, some insurance companies offer a Tax Loss insurance that covers against any outstanding tax, NIC, interest and penalties.

Jury Service Expenses insurance covers claims by eligible policy holders for jury service allowance. If the sole contractor of the business is called for jury service, this could severely impact the business.

Life insurance protects your family in the event of your death. This insurance will also cover any mortgage or other debts that need to be repaid so as not to expose your dependents to any financial suffering.

Income protection covers you if you are unable to work for long periods. There are companies that provide permanent health insurance that covers both salary and dividends. This type of policy is very valuable to contractors because you no longer have the safety net of an employer to pay for your sick leave. You will continuously benefit until you recover and are fit to work.

Critical Illness insurance will pay a lump sum on diagnosis of a specific range of illness. In the case of full recovery, the benefit can help fund any necessary changes to home, or car to help your recovery free of financial concerns.

Private Medical insurance can gain you quicker treatment times to help you avoid long term break in your income. Private hospital care can help you get back to work sooner.

Legal Expenses insurance covers legal costs such as solicitors' fees and court costs. There are several insurance policies which offer legal guidance that you can access via a telephone helpline.

Key Man insurance protects your business from being vulnerable due to the illness or death of key employees.

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See Also

Partner - Insurance Brokers

Partner - Independent Financial Advisers

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