The fact sheet titled ‘taxation implications for company paid healthcare’ provides guidance for small to medium sized companies 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: “If companies are paying for healthcare benefits for the first time, the tax implications can be daunting, but it shouldn’t deter them from providing valuable health and wellbeing benefits.
“We’ve created this fact sheet to cut through the jargon surrounding tax and provide clear and simple guidance. It includes tax examples for both private medical insurance and health cash plans to make things simpler for employers.
“Of course the fact sheet is for guidance purposes only and is not intended to provide tax advice. We would always recommend that employers seeking information should contact their tax advisor or HM Revenue and Customs.”