Medical Insurance Relief Benefit In Kind Bik Tax Credit at Car Insurance

Medical Insurance Relief Benefit In Kind Bik Tax Credit. I am currently being taxed for a company bupa policy (which i can opt out of). Subscribers will pay a reduced premium (80% of the gross amount) to the authorised medical insurer.

Collsoft Payroll Support Helpdesk - Medical Insurance Premiums - Tax Relief  - Knowledge Base
Collsoft Payroll Support Helpdesk - Medical Insurance Premiums - Tax Relief - Knowledge Base from helpdesk.collsoft.ie

When you provide healthcare cover to your employees, it’s considered a ‘benefit in kind’. This is the amount that should be shown on the p35l and not €200 (€1,000 x 20% = €200 actual tax relief due). The amount of medical insurance eligible for tax relief paid by the employer is as follows:

Collsoft Payroll Support Helpdesk - Medical Insurance Premiums - Tax Relief - Knowledge Base

This means that the portion of your income which is taxable at your highest rate of tax is reduced. You must add this gross value, as notional pay, to your employee’s pay to deduct: The amount of medical insurance eligible for tax relief paid by the employer is as follows: If the award exceeds the exemption threshold of $200, the whole value is taxable.