Private health insurance through limited company?

[Paralytic]

I know the answers from ChatGPT may be inaccurate, but it seems to suggest that what I would like to do may be possible. I will have to check again with the accountant and see what they say.

I would 100% NOT made decisions based on what ChatGPT provides - it is a "what might the next word be" tool and does get things wrong, sometimes quite drastically. Treat it as a like a guy down the pub who has done a lot of reading and is very good at looking confident in providing an answer to anything you ask but you can't assume what he's read is correct.

[Guy Incognito]

Treat it as a like a guy down the pub who has done a lot of reading and is very good at looking confident in providing an answer to anything you ask but you can't assume what he's read is correct.

Except this guy at the pub will always tell you what you want to hear.

[alpe19]

It appears OP just wants to make savings of the health insurance company offering a better rate to a company than an individual for essentially the same cover, akin to using the fact OP has a business being able to get a trade membership costco card

If it were me (I'm not an accountant or lawyer) I would sign up via the company to get the saving then account for the monthly premiums as directors loan payments which I would clear/cancel out from personal money each month

Thanks! This is exactly what I had in mind. Because I don't plan to make the company pay for me, I don't understand why the "wholly and exclusively" criterion should matter in this scenario.

I would 100% NOT made decisions based on what ChatGPT provides - it is a "what might the next word be" tool and does get things wrong, sometimes quite drastically. Treat it as a like a guy down the pub who has done a lot of reading and is very good at looking confident in providing an answer to anything you ask but you can't assume what he's read is correct.

I agree. Eventually, I will go with what HMRC and my accountant say, but I am trying to get a bit more understanding of this matter before embarking on that conversation.

Lastly, to reply to malvolio , by all means, I do not intend to commit fraud or to evade any taxes and that's why I am asking for information in a public forum. I have been on the phone with HMRC earlier this morning and they confirmed to me that there are no NI nor tax liabilities arising in this instance. Nonetheless, they said that the directors should be registered for at least an annual PAYE scheme within the ltd company, the company should file a yearly nil EPS, nil P11Ds for the director and a nil P11Db as well.

Thanks everyone for your inputs so far, I will check again with the accountant and go from there.

[malvolio]

Thanks! This is exactly what I had in mind. Because I don't plan to make the company pay for me, I don't understand why the "wholly and exclusively" criterion should matter in this scenario.



I agree. Eventually, I will go with what HMRC and my accountant say, but I am trying to get a bit more understanding of this matter before embarking on that conversation.

Lastly, to reply to malvolio , by all means, I do not intend to commit fraud or to evade any taxes and that's why I am asking for information in a public forum. I have been on the phone with HMRC earlier this morning and they confirmed to me that there are no NI nor tax liabilities arising in this instance. Nonetheless, they said that the directors should be registered for at least an annual PAYE scheme within the ltd company, the company should file a yearly nil EPS, nil P11Ds for the director and a nil P11Db as well.

Thanks everyone for your inputs so far, I will check again with the accountant and go from there.

Don't get me wrong. I'm sure you have done your research but we get lots of posts with people asking about non-standard ways of doing stuff, usually looking to save a fairly small amount of money. Our responses tend to be tailored to worse-case scenarios, just so that people are encouraged to look at their bright ideas very critically. Which you now seem to have done!

[Keanu2020]

I looked at this recently (with advice from my accountant). I pay myself out of take home, not through company. One of the main issues was most providers seemed to require 5 people to join to get the small business rate. Just making sure you have double checked that part (rules might have changed).

Side note - pricing can be really odd at times with personal vs small business and it is frustrating. Exact same product can be higher or lower depending on who is asking, yet you want the lowest price. I try to just see it as cost of doing business and know that win overall.