I’m trying to check my tax credits certificate is in order and a bit confused by the health insurance relief so hoping someone can help.
My employer pays 75% of my policy and I pay 25%. This policy covers myself , my husband and our 3 children.
On my last payslip there was an amount of 221.75 as BIK 75% Vhi which I assume is the full value of what the employer pays so tax can be calculated on that. Then the other entry is 61.38 for VHI 25% (my contribution).
I’m a bit confused as I would have expected that those figures together would add to 100% and I could then work back to the 75/25 split from that but it doesn’t seem to be the case. That may be more of a question for my Hr than here though.
I’ve just logged into the VHi website and my premium is listed as 2946 which does work out to the 25% figure above but not the 75%BIK figure.
My biggest question is on the health insurance tax relief. I know there is a 20% relief but not sure which of the above figures should be used to come up with the figure for my tax credits cert.
Myself and my husband are jointly assessed if that matters as I only work part time and earn a lot less than him.
Thanks in advance for any help!