Reply to: Travel Insurance as a company expense

[TheFaQQer]

hector doesn't need to know that though

He does now

[Sockpuppet]

Make yer mind up!

why not buy the Nationwide Plus account for £10pm covers business and personal travel plus lots of extras like breakdown cover etc.

only thing cant claim via company.

Part of the banks premium account. It's like the phone insurance or breakdown cover they give me - I have it but it's not worth a lot. I have extra cover through RAC for the car and extra cover for me, given my experience of intensive care in foreign countries there is no way I'd rely on it to get me home.....hector doesn't need to know that though

[stek]

why not buy the Nationwide Plus account for £10pm covers business and personal travel plus lots of extras like breakdown cover etc.

only thing cant claim via company.

That's what I have - hahaha!

Have to charge that business aspect back at 83p a month or something!

[diesel]

why not buy the Nationwide Plus account for £10pm covers business and personal travel plus lots of extras like breakdown cover etc.

only thing cant claim via company.

[Platypus]

I've claimed it accountant are fine with it. I got a years travel insurance that included business travel. Also went on a private holiday and didn't buy any more.

As above. I also have travel insurance through my bank incase Hector gets technical.

Make yer mind up!

[Sockpuppet]

I bought an annual travel policy with business travel cover, and put it through as an expense, when I needed to be flying abroad.

I have a separate family annual travel policy which I pay for myself, though.

As above. I also have travel insurance through my bank incase Hector gets technical.

[TheFaQQer]

I bought an annual travel policy with business travel cover, and put it through as an expense, when I needed to be flying abroad.

I have a separate family annual travel policy which I pay for myself, though.

[stek]

If there's any additional cost to you by using it for business, then yes.

If it's something you'd buy regardless of whether you had the business or not then no.

You can round in circles with the logic on some things sometimes. Bottom line is to be sensible and just ensure you have a logical argument to backup whatever claim you make.

Well it came inclusive with a no fee for Euro withdrawals from ATM deal I got because I was getting charged left right and centre. I wouldn't have needed it if I wasn't working in Ireland.

In reality I can't be arsed even entering on the expenses spreadsheet just like the four quid office expense you can claim...

[northernladuk]

I've got personal travel insurance and I fly twice a week, can I charge a portion of it back to my Ltd?

BIK works both ways surely! Ltd is getting a benefit from me!

<pedant>No it doesn't. BiK is clearly defined as benefits which employees or directors receive from their employment but which are not included in their salary cheque or wages. Nothing to do with supplying benefits to the LTD</pedant>

Great theory though, can't argue the thinking, just the wrong term to apply.

[Clare@InTouch]

I've got personal travel insurance and I fly twice a week, can I charge a portion of it back to my Ltd?

BIK works both ways surely! Ltd is getting a benefit from me!

If there's any additional cost to you by using it for business, then yes.

If it's something you'd buy regardless of whether you had the business or not then no.

You can round in circles with the logic on some things sometimes. Bottom line is to be sensible and just ensure you have a logical argument to backup whatever claim you make.

[stek]

I've got personal travel insurance and I fly twice a week, can I charge a portion of it back to my Ltd?

BIK works both ways surely! Ltd is getting a benefit from me!

[Platypus]

If we wanted to get in to technicalities just having it available for personal use should incur BiK as per the example of a company car sitting on your drive surely

Bah! Away with you!

[Jessica@WhiteFieldTax]

As Clare said, there is no hard and fast rule.

So long as you could make a convincing case for it in the unlikely event HMRC queried it, then fine. Its not big beans so no one will get too stressed. Worst case HMRC knock you back.

[northernladuk]

It's this ^

19 business trips and the policy costs £100
20 trips (19 business and one personal) still costs £100

If we wanted to get in to technicalities just having it available for personal use should incur BiK as per the example of a company car sitting on your drive surely

[Platypus]

If you need it for business but used it once personally then the value of the benefit in kind is zero because there's no incremental cost.

It's this ^

19 business trips and the policy costs £100
20 trips (19 business and one personal) still costs £100