Bupa

[Cheshire Cat]

I run a limited company.
I want BUPA health insurance.
What's the most tax/cost efficient way of doing this?
Does it make any difference if I pay for it, out of my personal bank account, and claim as an expense, or if my company pays for it, from the business account? Is it a BIK either way?

[ratewhore]

Pay for it yourself you tight arse!! You're a contractor after all.

And yes, if the Ltd pays for your health insurance it is a BIK...

[Nixon Williams]

I run a limited company.
I want BUPA health insurance.
What's the most tax/cost efficient way of doing this?
Does it make any difference if I pay for it, out of my personal bank account, and claim as an expense, or if my company pays for it, from the business account? Is it a BIK either way?

If the contract is in your company name then you will only be liable for tax as a Benefit In Kind (BIK). However if the contract is in your name and your company foots the bill, then not only will you be liable for tax on the BIK you will also be liable for NIC.

In both cases the company would be liable for NIC at 12.8%

The other point to consider is that company schemes are often more expensive than a private scheme, so do the comparison before you decide which way to go.

Generally keeping it private costs less after all things are considered.

Alan

[DimPrawn]

I run a limited company.
I want BUPA health insurance.
What's the most tax/cost efficient way of doing this?
Does it make any difference if I pay for it, out of my personal bank account, and claim as an expense, or if my company pays for it, from the business account? Is it a BIK either way?

http://www.wpa.org.uk/ are superb. No quibbles, no excess, 100% rating from me.

As a not for profit company with a heritage of over 100 years you can be confident that on joining WPA the fair treatment of customers is central to our culture and our customers testify to this.

[b0redom]

Sorry to hijack the thread, but is BUPA the best one to go with? Last year junior b0redom arrived, and I've been meaning to set up a family health insurance policy.....

[DimPrawn]

Sorry to hijack the thread, but is BUPA the best one to go with? Last year junior b0redom arrived, and I've been meaning to set up a family health insurance policy.....

WPA mate.

[Platypus]

I run a limited company.
I want BUPA health insurance.
What's the most tax/cost efficient way of doing this?
Does it make any difference if I pay for it, out of my personal bank account, and claim as an expense, or if my company pays for it, from the business account? Is it a BIK either way?

BUPA have a IT contractor's scheme which is cheaper than the regular scheme.

[malvolio]

PCG members get a 25% discount...

[MrRobin]

BUPA have a IT contractor's scheme which is cheaper than the regular scheme.

WPA have a self employed scheme which is cheaper than the regular scheme

[Cheshire Cat]

PCG members get a 25% discount...

with BUPA?