subject: Qdos Business Insurance [print this page] Qdos are a popular, recommended and highly reputable provider of quality insurance products and are renowned expert advisors to UK contractors. Covering a vast array of business sectors from IT contractors to Oil and Gas workers, Qdos Contractor's popular choice of contractor policies are designed specifically with contractors in mind and tailored explicitly for the potential outcomes of UK independent professionals.
There are a large number of professional contractors working within today's competitive business market, each providing their services through the use of personal limited companies. Contractors are professional individuals who operate via a limited company, also known as a personal service company (PSC) that they may have set up as a way in which they can provide their services to larger, more established firms.
Although contractors may be hired by larger companies and firms, they are technically not employees, therefore they do not benefit from the protection that average workers may have gained that is provided by an employer. (This includes insurance, time off and sick pay.) Because of this, the need for contractor insurance is high, and as an experienced business in the contracting market, Qdos recognise this when providing their products.
Qdos provide a wide range of insurance products aimed at contractors, from the highly popular Professional Indemnity Insurance to the more specific Public and Employers Liability Insurance. Each insurance policy that Qdos provide aids and indemnifies contractors from a large number of potential outcomes, and boasts highly reasonable premiums in an existing competitive market. Qdos offer contractor insurance to a vast amount of occupations, and this is also a factor used when calculating risk when it comes to policy costs.
What makes Qdos also highly prominent within the contractor market is the extensive experience and expertise that the company has regarding HMRC and the contractor based legislation, IR35. IR35 is a huge concept to UK contractors, the legislation almost dictating their professional status in the eyes of the tax office. Because contractors are not strictly employees, as a result their tax bracket is lower; therefore they pay less tax than an average PAYE employee. Although this is a huge benefit to contractors, it does put them in danger of investigation from the tax office regarding potential tax avoidance and enquiry. This is what the IR35 legislation is based upon, and Qdos provide expert services to contractors who are in fear of any HMRC involvement into their professional status.
Financial risk does exist to contractors regarding HMRC, and because of the risks involved, Qdos have created a full IR35 insurance (TLC35) that covers the policy holder financially from all legal fees and expenses regarding tax involvement. As well as quality IR35 insurance, Qdos also provide advice services, contract reviews and assessments, checking and calculating the risk of potential HMRC involvement.
Qdos contractor not only offer UK contractors with an extensive range of insurance policies, but they also provide essential advice and services regarding contractor specific tax issues.
by: Chris Carvill
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