The fact sheet titled ‘taxation implications for company paid healthcare’ provides guidance to large employers providing healthcare benefits. It explains the tax implications for both employers and employees and covers Insurance Premium Tax (IPT), National Insurance Contributions (NIC), Income Tax (IT), Corporation Tax (CT) and Value Added Tax (VAT).
Howard Hughes, Head of Business Marketing for Simplyhealth says: “The first of these fact sheets, designed for small to medium sized businesses was extremely well received. Larger organisations are also subject to the same tax implications. This guide aims to explain the key costs involved and provide organisations with examples of what the tax implications mean to them.
“We have included worked examples for private medical insurance, health cash plans and healthcare trusts which illustrate where certain taxes would be applied. We hope that the fact sheets provide organisations with a simple and useful guide to navigating UK tax requirements.”
Simplyhealth has produced the fact sheet for guidance purposes only and is not intended to provide tax advice. It is recommended that employers seeking specific information should contact their tax advisor or HM Revenue and Customs