[billozz]

Hey guys,
help please. we are currently paying about £187 for £2 mill insurance cover, we work in birmingham. just wondered if anyone knows of a company we could try  for a cheaper quote
thanks
Bill Osborne

[riz]

www.insuranceservices.co.uk

comes in at £175 for 2mill cover for 2 persons working.




Paul

[easycleanwindows]

Cheaper isnt always best.You never know how good they are untill you make a claim.Also why go cheaper?Surely the more insurance cover you have the more your customers will have trust in you upon their property.And you can claim back your insurance through your end of year tax returns.I have 5 million and pay 120.oo deposit and then 63.oo per month.

[billozz]

im not saying that we should drop the level of cover...but getting the cover for less money cant be a bad idea surely.
assuming that the cover is the same  of course.
thanks for the replies .
didnt realise you can claim the insurance back though....can you claim the full ammount back or just a percentage .

[WavieDavie]

didnt realise you can claim the insurance back though....can you claim the full ammount back or just a percentage .

It's a business expense - claim back the full amount!! You're taxed on profits remaining after COGS - Cost Of Goods Sold. EL + PL have got to be a business expense.

Have a chat with your accountant, he's probably putting this through anyway - or should be!

If you DON'T have an accountant , you should have. Accountants should save you more than they charge you, or if they can't manage that, the advice they give you should make up the difference and more.

[Neil Mc Anulty]

£187 ,
You should move to Northern Ireland.
My insurance for £1M has just cost me £890 for one person. If I was to go for another person this would cost me 2.5 to 3 times this amount.

It makes me sick to think you would be looking it any cheaper. This was the cheapest quote available some of the others were coming at £1100 minimum.

It also annoys me that it is cheaper for me to insure my van with the same company. If they are pricing by risk I dont understand because I know I could do a wee bit more damage with my van.

Neil

[perfection_cleanin]

neil could you please give me the tel number of the insurance company as iwould like to contact them thanks john

[Neil Mc Anulty]

John
I sent you an e-mail last week with the details, let me know when you check if you got it. I have been having problems with it recently.

Anyway it is Quinn Direct 0845 850 0845. The deposit is £178 + 10 monthly payments of £71.

Make sure you read your proposal form thoroughly so you know all aspects of your work are covered.

Neil

[billozz]

look im not sure if i have got this right so please advise if i havent, but when you claim on your tax return you dont claim the money back do you, i thought you just didnt pay tax on that bit of expenditure...so you are not getting the cost of the insurance back your'e just not paying the tax on it...like when you buy cleaning fluid overalls etc you just dont pay tax on the cost of those items ...but you still have to lay out for them.
am i right or wrong please
regards

[easycleanwindows]

If you turn over 20,000 per year and you pay 5,000 on you business insurance diesel clothing house costs etc etc  you will only get taxed on 15,000 .When youve built it up to 40,000 per year you insurance will enetually be free if you used to living on a few hundred a week like in normall jobs.Get an accountant cant go wrong

[Kenny_Dobson]

I pay £1300 per annum for insurance on a £125000 T/O excluding carpets & windows currennt cover is £5mil.Do you know anywher better? I use Darwin Clayton

[Philip Hanson]

You have that right Billozz, you don't get money back from the inland revenue unless you have overpaid your tax somehow.

When you claim your business expense, it just means you don't pay tax on that amount.

-Philip

[riz]

Any idea on how a new van works out? is it 40% one year and 20% for two then ten% final?

Paul