Can anyone clarify for me if health insurance premiums are allowable as an expense for tax.
My initial thoughts were no, but reading elsewhere seems to suggest maybe yes.
Many thanks
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If it's a key person policy and the beneficiary is the company then they are generally allowable (I've had people refer to these as health insurance before).
If it's standard health insurance then it is not.
HTH,
Shaun.
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Shaun
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I'm not sure if this is the same as Shaun's already explained, I seen accountants advise client to claim for life assurance before - when the client has had to take cover as part of a business loan.
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Tony
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health Insurance for a member of staff should be fine as long as its shown on the p11d for that individual so that its deducted from there annual allowance
He does not appear to have the initial paperwork but I would assume it is some kind of cover against accident/illness
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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Sorry to bring up this thread again but I'm still confused as to whether the premiums for an accidental injury/sickness plan can be claimed as an expense for a sole trader.
Would be grateful if anyone can help
Thanks
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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
In these circumstances insurance premiums that cover injury/ illness/ life etc for an individual are not deductible expenses, and are a personal expense.
This is what I expected. Seems he may have a shock as been claiming these very high premiums for years!
Oh the joy
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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
