Let the taxman help pay for your life insurance

Are you a company director? Do you have life insurance in place to protect your family?
If so you could be paying an unnecessary tax penalty. If you pay for this cover from your own bank account you will be paying from post-tax income, and if you are paying from the business account you will probably be taxed on the payment as if it were income.

Larger companies can avoid this by introducing ‘group death in service cover’. This is a highly tax-efficient way of providing life insurance, but is not generally available for smaller companies.
However, recent changes in legislation have allowed small companies to benefit from this arrangement by taking out ‘relevant life policies’. These can be written on an individual basis so are available to all companies no matter how small.
The tax benefits are:

Payments are made by the company with no benefit-in-kind charge back to you
No National Insurance implications
Possible tax relief as a business expense depending on your individual circumstances
Tax-free benefits to your dependants

If you would like more information on how this valuable tax concession can be arranged then please contact me on 07900 101027
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