I'm with Vitality. Never claimed but the customer service isn't great.
-
-
...so do you claim it as an accountant approved, legit, expense?Originally posted by ladymuck View PostClarity is everythingComment
-
No. I was advised that if I put it through my LtdCo, it would be a BIK. With that in mind, the benefits of MyCo paying for it were minimal so I pay for it personally.Originally posted by SteelyDan View PostComment
-
OK thanks, I need to check this out with accountant to see what's what...Originally posted by ladymuck View PostClarity is everythingComment
-
Yes, it's a Benefit in Kind.Originally posted by SteelyDan View Post
If your salary is £8K, it may be worth putting through the company. You save 20% Corporation Tax. You have to pay 13.8% employer NIC on it, but that's deductible from corporation tax, so the net cost is 11%. So you save 20% and spend 11%, an overall savings of 9% on your premiums.
But for the tax savings, you'll have the hassle of having to report it on your P11D and making the extra payment to HMRC. Whether that's worth it to you may depend on how much the premium is, whether you are already filing a P11D, etc.
If your salary is up to the personal allowance and you are using the employment allowance, you probably don't want to put it through your company.Comment
-
My accountant told me that would be better to pay it privately and not through my limited company. He says it can create a business in kind, but dunno what it means.Comment
-
When I looked into what could be put through a company it looked like some income protection could be tax deducted and not subject to BIK.
These Ltd policies would insure your company against having to payout long term sick, however the sick pay was made via the company and subject to normal taxation and you would have to keep the company running.Make Mercia Great Again!Comment
-
Having health insurance through my previous employer led to HMRC making a complete mess of my tax code as they attempted to adjust for the BIK. I think if you have the option just pay for it yourself.
I've experienced claiming with Aviva. They paid for some of my surgery, but not all of it. Apparently the surgeon is meant to wake you up in the middle of the operation so you can phone your insurer to get approval for what he wants to do...Will work inside IR35. Or for food.Comment
-
Here is an article about it
Is it tax efficient to put private health insurance through your limited company? :: Contractor UKComment
-
Comment