I did a quick search and didn't see much on this. What's the story about having MyCo provide private health and/or dental for employees (i.e. me)?
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Putting a company package together for health/dental?
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Putting a company package together for health/dental?
Originally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishing -
The company can pay for PHI and dental, however, as you would be the beneficiary of these policies, there will be a benefit in kind charge. This will be either 20% or 40% (depending on which tax bracket you fall into) of the premium payments. The company will also have to pay class 1A NIC which works out at 12.8% of the payments. -
Originally posted by Craig@InTouch View PostThe company can pay for PHI and dental, however, as you would be the beneficiary of these policies, there will be a benefit in kind charge. This will be either 20% or 40% (depending on which tax bracket you fall into) of the premium payments. The company will also have to pay class 1A NIC which works out at 12.8% of the payments.Free advice and opinions - refunds are available if you are not 100% satisfied.Comment
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Originally posted by Wanderer View PostDoes that mean that you are probably better off not arranging a company policy and just paying for the health insurance out of your own pocket?
Balance that against the CT you save by having it as a company expense, and the personal option is slightly better.Comment
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This is an interesting question, I've been thinking a similar thing. But with a slight twist that I used to have a certain dental policy through a permie role, and I wanted to continue that policy as it was extremely good, however you can only get it through a company - the insurers don't do personal quotes/cover.
So I guess the benefit is being able to get that good policy again through my ltd, but then paying slightly more tax on it. Bit of a toss up considering the extra hassle too, but I'm verging towards doing it cause they really were very good!
Another question though - what if I want to put my partner on the cover too (who isn't a director in my ltd), would I have to pay BIK on that too, even though its not technically a benefit to me? Or would I not even be allowed to cover him, without making him a director? Sorry stupid question, but its really hard to find a definitive answer to this!Comment
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Originally posted by Bexter View PostAnother question though - what if I want to put my partner on the cover too (who isn't a director in my ltd), would I have to pay BIK on that too, even though its not technically a benefit to me? Or would I not even be allowed to cover him, without making him a director? Sorry stupid question, but its really hard to find a definitive answer to this!Older and ...well, just older!!Comment
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Originally posted by Bexter View PostAnother question though - what if I want to put my partner on the cover too (who isn't a director in my ltd), would I have to pay BIK on that too, even though its not technically a benefit to me? Or would I not even be allowed to cover him, without making him a director? Sorry stupid question, but its really hard to find a definitive answer to this!
As they are receiving benefit because of you, so you would have to pay BIK. The full premium and Employers nic would be allowable for tax purpose.Comment
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