Am I liable for tax on all of the premium?

My company healthcare policy includes travel and medical cover for business; I travel extensively and am out of the country for approx. 4 months of the year. Surely I should not be paying tax on the whole premium, as a percentage is the company’s liability and should not be classed as a ‘benefit’.

Question asked by Alison Walker
Compare Top 10 UK
 Health
Insurers
 
Takes approx. 60 seconds
Level of Cover
Excess
Date of Birth
Loading your options...
Thank you for using our Quote Tool
If you need some help, just call us!
T: 02074425880
Our in-house Experts are here to provide FREE impartial advice!
Our Experts can answer all your questions
Our Experts can send you more appropriate options based on your personal circumstances

Very important if you are either Self-Employed or a Company Director.

Our online quote tool is good but our Experts are better

Oue Experts have access to far more insurers and can often find a better deal offline.

Saves you time, let our Experts do what they are best at

Answered by Tom Conner

Hi Alison,

Thanks for your question. Unfortunately we are not tax advisers and cannot therefore provide any advice on this. It’s worth asking you accountant who should be able to help further.

The one point I would make is that company paid medical and travel insurance policies usually form a P11D benefit (i.e. a benefit in kind) because the company is paying for this benefit on your behalf rather than you paying for it from your after tax income.

If the premium wasn’t added to your income for tax purposes and you needed to claim it is possible that the HMRC would ask for tax to be paid on the claim amount, which could be huge!

Sorry we are not able to be of more help.

tax
 
private health insurance
 
employee benefit
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
Compare Top 10 UK Insurers
  Takes approx. 60 seconds
 - 
Need help? 
Call us on 

Frequently Asked Private Medical Insurance Questions

 
I have been at my work long enough now that I am eligible for their health insurance scheme, is it worth...
 
My company healthcare policy includes travel and medical cover for business; I travel extensively and...
 
I am considering taking out a health insurance policy and wanted to know whether the premiums would...
 
I am looking to take out private medical insurance and I was wondering if this would cover me on holidays...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Doug Harvey
05/09/2018

Victoria swiftly helped in finding a solution which offered the required cover, with a more competitive premium.

Huw Davies
05/09/2018

The service I received from Drewberry was excellent. Egle provided me with very detailed information about my insurance options and explained the pros and cons of each option clearly.

James Ager
21/08/2018

Friendly, helpful and knowledgeable. Nadeem Farid searched the market and found a product that matched our needs.

We are rated 4.9/5 based on 1742 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.93 / 5 Average
652 Reviews
Verified Buyer
Overall Rating
The whole process was a pleasure. Drewberry we're easy to deal with, polite, knowledgeable and helpful
Verified Buyer
Overall Rating
Very good, clear service would recommend to friends and family
Anon
Overall Rating
Sam Carr provided an efficient and professional service.
Verified Buyer
Overall Rating
Sam Carr provided a professional but enthusiastic service and helped make the whole process very straight forward. Goodness knows I have been through enough application forms recently. My insurance product was never going to be easy to find and I had been rejected on a number of other occasions through others ironically due to well managed common health conditions. I identified Drewberry in a last and disappointing trawl on th web to find someone that actually wanted to take on a difficult case like me. Some brokers wouldn't even consider me. When we applied for my first choice product Sam wasn't at all deterred by the long wait for my GP report or the final rejection that came back from the insurer, sadly I have become used to it. Within a day he had lined up the second choice and to my surprise he had hit the nail on the head and introduced me to the correct insurer and terms for my needs whilst nogotiating an excellent premium. I am extremely satisfied with what Sam has achieved for me and I would have no hesitation in recommending either him or Drewberry to friends, family and and business contacts. In the future, Drewberry will be my first point of contact. Many thanks!
Kym
Overall Rating
Tailored to my need and the staff gave very good service