New job with BUPA health + dental cover, can I work out how much it will cost me?

MrJester

So I'm moving into a new job with BUPA and dental. Someone made me aware that this is a taxable benefit, and that its likely to increase the tax I pay each year.

All I know is that its BUPA health and BUPA dental cover. Is there any way to work out how much extra tax I'll pay to have these?

I'm getting a slight payrise but feeling like it's all going to be eaten up by the new cover im getting

I'm currently on vitality cover with my current employer so not sure if the difference will be that noticable?

I'm confused and not too knowledgeable with tax things!

Caz3121

you would need to know the taxable value of the benefits to understand how much it would reduce your tax free allowance by

rs65

MrJester wrote: »

I'm getting a slight payrise but feeling like it's all going to be eaten up by the new cover im getting

Do you not pay tax on your current cover?

As above, you will need to ask your new employer what the cost of the benefit is.

MrJester

rs65 wrote: »

Do you not pay tax on your current cover?

As above, you will need to ask your new employer what the cost of the benefit is.

I must do, but it doesn't exactly explicitly state where my tax is/has gone. I didn't really think about it before now.

Does the cost of the benefit potentially change depending on how much you use it? Like an insurance premium or something?

Thanks for replies

rs65

MrJester wrote: »

I must do, but it doesn't exactly explicitly state where my tax is/has gone. I didn't really think about it before now.

Does the cost of the benefit potentially change depending on how much you use it? Like an insurance premium or something?

Thanks for replies

Have a look at your P11d and tax code notice.

Not likely to vary on how much you personally use - more based on the group claims.

martinsurrey

MrJester wrote: »

I must do, but it doesn't exactly explicitly state where my tax is/has gone. I didn't really think about it before now.

Does the cost of the benefit potentially change depending on how much you use it? Like an insurance premium or something?

Thanks for replies

not really no, your company will pay a premium per person by policy type (single, joint, family).

The policy cost might change year on year if a lot of people claim, but you'd need a crystal ball to predict that.

In my company single cover on our all singing all dancing policy is £600 a year, so @20% tax that's £120 to pay in tax, at 40% £240, so £10-£20 a month.

I must say though, its the best money I spend, I have only used it once in 5 years, but after a health scare I was in front of a leading UK specialist within 3 days, the NHS wait was 3 months, the NHS is brilliant, but for piece of mind cutting that wait out was worth the money.

MrJester

martinsurrey wrote: »

not really no, your company will pay a premium per person by policy type (single, joint, family).

The policy cost might change year on year if a lot of people claim, but you'd need a crystal ball to predict that.

In my company single cover on our all singing all dancing policy is £600 a year, so @20% tax that's £120 to pay in tax, at 40% £240, so £10-£20 a month.

I must say though, its the best money I spend, I have only used it once in 5 years, but after a health scare I was in front of a leading UK specialist within 3 days, the NHS wait was 3 months, the NHS is brilliant, but for piece of mind cutting that wait out was worth the money.

Thanks very much, a ball park figure is helpful. With around that I'm looking at like a £20-30 pay rise per month :D:p

Every little helps.