IR35 and Off-Payroll compliance solution IR35 Shield has announced that its status assessments will now be underwritten by specialist market-leading insurer, Markel Tax.
The partnership will provide IR35 Shield’s customers with a further layer of valuable protection ahead of April 2021, when the Off-Payroll legislation will take effect in the private sector and give agencies and hiring firms the confidence to engage contractors on an ‘outside IR35’ basis without fear of building up future task risk.
Businesses which conduct IR35 Shield assessments can now rest assured that they are covered by Markel Tax’s Fee-Payer Protect insurance policy which includes:
- Cover of all defence costs in the event of an HMRC challenge*, including any resulting tax liability and penalties
- Cover for all tax years, including any enquiry windows that look back six years
- Representation at both First Tier (FT) and Upper Tier (UT) Tax Tribunals
- Further protection provided via additional contract reviews by Markel Tax
- All risk can be covered by one policy
- No weak prospects of success clauses
Commenting on the news and the partnership announcement, Dave Chaplin, CEO and founder of IR35 Shield said: “It was important for us to partner with a prestigious and specialist tax insurer like Markel tax and we are delighted that we can now offer its insurance to our IR35 Shield customers. We have spoken to many brokers, but we felt they fell short on their understanding of IR35 and the best way to shape policies. Many hirers and agencies have taken a risk-averse approach to Off-Payroll up until now, resulting in blanket ‘inside IR35’ assessments. A robust insurance policy like ours will give them the confidence to know that their position is covered.”
Added Paul Mason, Head of Tax Partnerships for Markel Tax: “We have been providing advice and guidance on IR35 and underwriting IR35 based insurance policies for 20 years and are pleased to be working with IR35 Shield to help firms manage the risks associated with the new Off-Payroll reforms.”
*Please contact Markel Tax on 0345 223 2727 or at IR35@markel.com for full details of the Terms and Conditions. Markel Tax is a trading name of Markel Consultancy Services Limited. Markel Consultancy Services Limited is an Appointed Representative of Markel International Insurance Company Limited which is authorised by the Prudential Regulatory Authority and regulated by the Financial Conduct Authority and the Prudential Regulatory Authority.