Health Insurance Can my LTD company pay the Healthcare premium?

[SligoMan]

I'm a director of a small LTD company - two employees. I pay €125 a month for Laya out of my taxed income..can I get the company to pay this instead or would I have to be part of a larger group of people to be on a scheme where the premium is deducted from gross income? How would I go about this?

 

[Clonback]

Yes your company can pay the premium but you will be taxed as a benefit in kind.

 

[Gordon Gekko]

It's still significantly cheaper than paying the premium yourself.

 

[Joe_90]

Yes you can.

If your paying €1,500 for two adults the premium is €1,875 before TRS.

You have to pay BIK on the €1,875 so tax at 40%, PRSI 4%, USC 5.5% and you will get a tax credit of €375. Extra tax €553.

On the other hand you could give yourself a payrise of €1875 extra net salary €947.

So the extra salary of €947 or extra tax of €553 which comes back to €1,500.

 

[Barrylo]

If going down the route of ones company to pay annual HI premium, and say this continues for 4/5 yrs, and say the company goes into liquidation / receivership - what level of credit / NCD does one get when he / she takes out a policy in his / her names?