Apparently, you can do this - thus saving CT on the premiums.
Life cover I can understand. If you pop off, then apparently, even though the company has paid for it, in essence, your dependents still get it.
PHI for illness I don;t see the advantage so much. OK, so you save 20% on the premiums but if your ill and claim the money goes to the company not you.
Now casting my mind back to when I claimed for such when I was a permie (although it was for unemployment). I'm sure you got the money tax free PLUS could claim JSA.
Now, OK, same things happen as a contractor. Your ill, can't work, claim on the policy and then company gets the money. Surely then company has to distribute it to you as continued salary or divi?
In the eyes of the Jobcentre people, your still getting an income from your ltd company thus disallowing any types of benefit surely? (even though company has claimed on policy not you).
Now before we start up that old chestnut again - I still reckon if you were seriously ill/had an accident which meant 6 months or so away from contracting you could claim benefits. If your company was still paying you salary or dividends then no way.
Life cover I can understand. If you pop off, then apparently, even though the company has paid for it, in essence, your dependents still get it.
PHI for illness I don;t see the advantage so much. OK, so you save 20% on the premiums but if your ill and claim the money goes to the company not you.
Now casting my mind back to when I claimed for such when I was a permie (although it was for unemployment). I'm sure you got the money tax free PLUS could claim JSA.
Now, OK, same things happen as a contractor. Your ill, can't work, claim on the policy and then company gets the money. Surely then company has to distribute it to you as continued salary or divi?
In the eyes of the Jobcentre people, your still getting an income from your ltd company thus disallowing any types of benefit surely? (even though company has claimed on policy not you).
Now before we start up that old chestnut again - I still reckon if you were seriously ill/had an accident which meant 6 months or so away from contracting you could claim benefits. If your company was still paying you salary or dividends then no way.
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