Health Insurance
Author
Discussion

Wayne E Edge

Original Poster:

545 posts

181 months

Wednesday 12th October 2016
quotequote all
Can I run the above as business expense?

Cheers

bogie

17,100 posts

302 months

Wednesday 12th October 2016
quotequote all
Well I guess if you are the company owner paying an employee, it is an expense. If you are the employee, its a taxable benefit. So maybe you pay £2k as an expense and pay 40% tax on £2k as an employee....im sure an accountant will be along soon to advise wink

Wayne E Edge

Original Poster:

545 posts

181 months

Thursday 13th October 2016
quotequote all
Sorry, it's a bit vague. The insurance is for me. I'm 100% shareholder running a ltd company.

Cheers.

KevinCamaroSS

13,854 posts

310 months

Thursday 13th October 2016
quotequote all
As the poster above said. It can be claimed by the company as an expense against tax, however, you, the individual will be taxed on it as a benefit.

Wayne E Edge

Original Poster:

545 posts

181 months

Thursday 13th October 2016
quotequote all
Ah OK, thanks. I wonder which way would work out the most beneficial...pay through private account or business. Is this a piece of string question?

edc

9,678 posts

281 months

Thursday 13th October 2016
quotequote all
It would probably be cheaper overall if your other half has company paid for PHI and can add you on whether she pays the additional BIK or the premium uplift.

Jockman

18,414 posts

190 months

Thursday 13th October 2016
quotequote all
The company pays for us and we pay a BIK. Extremely cheap for 3 brothers with 3 wives.

Not sure I would pay for it personally.