Can I put private healthcare through my business?
Yes, you can! And it’s a pretty savvy move. Here’s the scoop:
- Tax Perks Galore: Treat those private health insurance premiums as an allowable business expense. This means you can deduct the cost from your company’s profits, potentially giving your corporation tax bill a nice little trim. Who doesn’t love a good tax break?
- Benefit in Kind: Now, HMRC will see this as a benefit in kind, which means you’ll need to pay a bit more income tax on the premiums. But hey, the overall tax benefits for your business usually make it worth it.
- Pick Your Policy: You have options! Go for an individual policy if it’s just you, or opt for a group policy if you have a team. Group policies often come with lower premiums per person and can be a fantastic perk to attract and keep top talent.
- Why Bother?: Providing private healthcare means quicker access to medical treatment. This can reduce downtime and help everyone get back to work faster. Plus, it shows you care about your team’s well-being, which can boost morale and your company’s reputation.
How to Get Started:
- Assess your needs
- Research providers
- Get quotes
- Choose a plan
- Enroll your employees
- Spread the good news about the new benefits
- Keep an eye on the policy to make sure it still fits your needs
In a nutshell, offering private healthcare through your business is a win-win. It’s good for your finances and great for your team’s health and happiness.
