Simplyhealth produces tax support for company healthcare benefits

clock • 1 min read

Simplyhealth has produced guidance for employers about the tax implications of providing health benefits to staff.

The Taxation implications for company paid healthcare fact sheet, provides support for small to medium sized companies supplying healthcare benefits to their employees.

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, believes the tax implications for companies providing healthcare benefits for the first time can be daunting.

However, he hoped the fact sheet would 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.

"It is for guidance purposes only and not intended to provide tax advice and we would always recommend that employers seeking information should contact their tax adviser or HM Revenue and Customs."

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