Can anybody make any suggestions here.
My wife who is employed currently pays for our family health Insurance with Quinn Healthcare.
I am involved in a very small limited company as a partner and could therefore get the company to pay for our family health insurance and I would pay the BIK. This works out cheaper when you work everything back to gross.
When I contacted Quinn to ask if it was possible to put the insurance in my company's name they stated that I would need at least 5 employers to set up a company group scheme. They could change the policy into my name instead of my wife's but could only quote me the Net amount after tax relief.
According to the Revenue guidelines if a company pays your heath insurance , it has to pay the gross amount and the employee then has to claim back the tax relief at a later stage.
The only partial solution I can see is to transfer the policy into my name , let the company pay the premium and then pay the BIK myself, as the result is effectively the same. Theoretically however I have not applied revenue guidlines and for all I know they could determine that I have received a payment from my company and would be liable to PAYE etc on the payment.
Can anybody suggest a way of solving this problem or do I just have to accept that an employer without a company group scheme cannot pay health insurance for its employees.
My wife who is employed currently pays for our family health Insurance with Quinn Healthcare.
I am involved in a very small limited company as a partner and could therefore get the company to pay for our family health insurance and I would pay the BIK. This works out cheaper when you work everything back to gross.
When I contacted Quinn to ask if it was possible to put the insurance in my company's name they stated that I would need at least 5 employers to set up a company group scheme. They could change the policy into my name instead of my wife's but could only quote me the Net amount after tax relief.
According to the Revenue guidelines if a company pays your heath insurance , it has to pay the gross amount and the employee then has to claim back the tax relief at a later stage.
The only partial solution I can see is to transfer the policy into my name , let the company pay the premium and then pay the BIK myself, as the result is effectively the same. Theoretically however I have not applied revenue guidlines and for all I know they could determine that I have received a payment from my company and would be liable to PAYE etc on the payment.
Can anybody suggest a way of solving this problem or do I just have to accept that an employer without a company group scheme cannot pay health insurance for its employees.