I’m looking to set up Health Insurance for my employees, can you explain how this will be taxed?
The premiums of a Business Health Insurance policy are paid for by the company with pre-tax profit. The policy is usually a business expense and is not liable for corporation tax.
However, it is a P11D/benefit in kind for the employee who receives the benefit. That means employers will need to fill out a P11D form to declare this benefit in kind to HMRC with employees being taxed accordingly.
I had the pleasure of dealing with Jake Mills in organising my insurance. Jake was fantastic to deal with — his patience and understanding really helped.