Affilate member Abbey Tax Protection is offering a tax loss insurance product to complement its Professional Expenses Insurance (PEI) and PAYE Audit Cover policies, which are bundled within standard PCG and PCGPlus membership respectively.

Survive35 TaxSafe covers the tax, interest and penalties that could result if engagements were deemed IR35 caught. Premiums start at �220 per year, increasing in line with contract value, although most members are likely to pay under �300. Discounted rates are available for PCGPlus members. It is also possible to cover any past engagements going back as far as April 2000 when IR35 was introduced.

Survive35 Tax Safe - tax loss insurance
Protecting the position of freelance consultants and contractors

IR35 is an issue that just won�t go away. Freelancers need to know how to deal with it and how to protect their tax position without having to worry about getting a tax demand for several thousand pounds - money they believed was theirs; income that may have already been spent. Abbey Tax Protection advocates peace of mind in four easy steps:

• Step 1: Take out Professional Expenses (Tax Investigations) Insurance
  There are over 1,000 accountancy practitioners as well as specialist service providers to the freelancing market which offer professional expenses insurance (PEI) to their clients. The idea behind PEI is to ensure that in an HMRC enquiry you are getting the best advice and representation from someone you know and trust.
  

• Step 2: Get your engagements reviewed by an IR35 contract review specialist
  Currently, Abbey Tax is using the services of two specialist firms who both have an excellent reputation within the freelancing market with contractors and agencies alike for providing sound advice and guidance on contractors. If your engagement (s) are judged to "pass" i.e. are not caught by IR35, then you can move on to the next step ...
  

• Step 3: Insure the potential tax loss
  Some of you will have been contracting well before IR35 and may have contracts that you wish to cover from as early as April 2000.With premiums starting at �250 per annum for annualised contract values of up to �50,000 and well under �350 for freelancers with contract income of up to �150,000, Abbey Tax hopes that most contractors will be paying no more than their annual fully comprehensive car insurance to cover a tax loss that in some cases will far exceed the value of a high performance executive vehicle.
  

• Step 4: Contact Abbey Tax on 0870 607 7000
  And we�ll answer any questions you have got and make sure you have got all the documentation you need to be covered quickly.
  

Then you can get on with what you do best - contracting!

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