Specialist insurances and IR35 advice
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With the Larsen Howie IR35 Liability Calculator you can easily and quickly work out your potential liability to HMRC should they deem you to be a disguised employee and inside IR35. The liability consists of the back tax and National Insurance Contributions (NICs) due, interest on these and any penalty applied by HMRC (the penalty can be up to 100% of the liability due).
HMRC are significantly gearing up and expanding their efforts at tackling IR35 and so the chances of being subject to a HMRC enquiry are on the up, and by using our simple slider below you can get an approximate calculation on the potential liability you face.
It is important to ensure that you have selected the appropriate cover for your business requirements. Should you have elected to under insure you do so at your own financial risk. It is best practice to consider your potential financial exposure when purchasing or renewing a policy to ensure you have adequate cover in place.
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With our IR35 Tax Investigation & Liabilities Insurance product, the coverage is split into two sections, £50,000 for the professional fees of an experienced expert to defend you against HMRC, and cover from £10,000 up to £100,000 in respect of liabilities due to HMRC in respect of back tax, NIC contributions, interest and any penalty applied.
Every client must ensure that they take out the product with a limit of indemnity that covers their potential liabilities, as any under insuring can lead to a shortfall that has to be personally met by the company.
The Larsen Howie IR35 Liability Calculator uses a series of assumptions based on an average contractor to provide the end liability exposure, and is only an assumption. The exact liability you would owe is fully dependent on your precise personal circumstance and the outcome of any HMRC enquiry. You must take every step to ensure that you work out your full exposure yourself and only use this as an approximate guide. Larsen Howie takes no responsibility for any underinsurance based on you using the Larsen Howie Liability Calculator.
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