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Self Assessment - Medical Insurance Benefit
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Murielson
Posts: 272 Forumite


in Cutting tax
Completing tax return and during the assessment period I have had 2 employments and therefore 2 x P11D, 2 x medical insurance values.
I left one employer end 29 May 2015 and started with another 1 Jun 2016 and just need to confirm how medical insurance benefit should be reported on self assessment return.
I stopped the insurance when I left first employment although P11D shows full value at £1183. Started insurance with new employer and P11D for this employment shows £1568.
Question is what should go down on return as it surely cannot be the 2 values added together as first insurance only in place for 2 months?
Should it be something like (1183/12) x 2 = 197.17 for first employment and then (1568/12) x 10 = 1306.67 for the second employment? Then just include these figures for each employment on self assessment return?
Thoughts and/or advice from those in the know would be most welcomed. Thanks in advance.
I left one employer end 29 May 2015 and started with another 1 Jun 2016 and just need to confirm how medical insurance benefit should be reported on self assessment return.
I stopped the insurance when I left first employment although P11D shows full value at £1183. Started insurance with new employer and P11D for this employment shows £1568.
Question is what should go down on return as it surely cannot be the 2 values added together as first insurance only in place for 2 months?
Should it be something like (1183/12) x 2 = 197.17 for first employment and then (1568/12) x 10 = 1306.67 for the second employment? Then just include these figures for each employment on self assessment return?
Thoughts and/or advice from those in the know would be most welcomed. Thanks in advance.
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Comments
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You need to have a page for each employment, so each health insurance benefit should be shown separately.
The P11d's should show the correct amount of health insurance and if you enter anything different HMRC will query it with you.
If you think that the first P11d is incorrect, you will need to ask your old employer to issue a new one to you and HMRC. Sometimes, health insurers charge a premium for a whole year and may not allow refunds for part years. Is it possible that your ex employer had to pay for the full year anyway?0 -
Thanks for the response Michelle. Not certain about ex employer paying for entire year but I feel that the only benefit I had was for the the 2/12 of the year so I am going to submit return based on that. If they query I will address it then.0
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Thanks for the response Michelle. Not certain about ex employer paying for entire year but I feel that the only benefit I had was for the the 2/12 of the year so I am going to submit return based on that. If they query I will address it then.
If you submit incorrect information (and you are doing so knowingly) you could receive a penalty as well as having to pay the underpaid tax and interest. Why not just discuss it with your previous employer?0 -
Thanks for the response Michelle. Not certain about ex employer paying for entire year but I feel that the only benefit I had was for the the 2/12 of the year so I am going to submit return based on that. If they query I will address it then.
When my son moved jobs he kept the benefit of the medical insurance for the whole year. So he didn't take out PMI with the new firm until he was no longer covered by the old one.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Darksparkle wrote: »If you submit incorrect information (and you are doing so knowingly) you could receive a penalty as well as having to pay the underpaid tax and interest. Why not just discuss it with your previous employer?
HMRC are also likely to consider this a deliberate error and charge a penalty of up to 70% of the tax due, plus the tax due, plus the interest.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/578126/CC-FS7a_11_16.pdf0
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