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  • Tax

    Directors and Health Insurance

    I am looking to buy health insurance

    But what is the best way to pay for it

    Should I arrange for my Company to pay the premiums and if so is it deductible for Corp Tax and would I be Taxed as a benefit in kind

    Or would it be better for me to pay for it via my personal account

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Hi dislexic

    If the health insurance is charged to the company then you need to make sure that the company takes out the contract rather than you personally.  If that is done then it is deductible against the company profits but the company will also have to pay Class 1a National Insurance on the premiums as well.  In addition yes it will be a benefit in kind on you personally.  As a general rule of thumb the company paying the premiums is more tax efficient than you paying them personally but it is worth getting the calculations done to make sure.

    Regards Nigel

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    Nigel Reynolds FCCA CMgr FCMI

    Property Tax Specialist

    Reynolds and Co

    http://www.reynoldsandco.co.uk


    Hi Nigel thank you for the info

    The quote I have is only £65 a month

    I don't draw a salary from the Company I only claim expenses

    The Company pays my Directors Pension

    so could you give me some idier  of how this would work best

    ie what sort of Tax I would Pay for the benefit in kind I am a 40% Tax Payer

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    We use the company to pay life insurance premiums but we put them in the 'not for tax' column, so it is not put against the profits of the business. The accountant explained why it was worth doing but I can't remember the exact reason.  It was to do with the way it would be taxed if we had to use it and where it would appear in the estate.

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