Taxable Benefit

MIZZ12

Hi, 
I work for a company that offers Critical illness cover - the premiums are 100% deducted from my earnings, so none of the costs are company funded.  However, I have just twigged that they are also including these premium payments as a taxable benefit.  This sounds completely wrong - as how can something I already pay for be then also treated as a taxable benefit?!  The reason i thought to ask on this forum is that I fully expect our offshore HR dept to send me a stock answer fobbing me off in response to me raising this as a query and I just find it unbelievable that a large company (and a Bank to boot!) could get this so wrong, if I am correct.  Please could you let me have your thoughts as to whether I am talking correctly or barking up the wrong tree!?  Many thanks.

TrickyDicky101

How have you identified that they are treating the premium payments as a taxable benefit?

lisyloo

They might have to take it from net income (after tax).
Some things e.g. pension, can be taken gross and don’t have tax or NI paid.

my guess is that they have to take this from your salary after tax, but there may be an NI benefit.
not sure, suggest you google tax treatment of insurance which might be quicker than dealing with your hr.
hopefully that gives you a line of enquiry to research?

Grumpy_chap

Is this thread a different question to this one?
https://forums.moneysavingexpert.com/discussion/6321319/querying-taxable-benefit/p1

lisyloo

I sympathise with the hr situation.

it would be considerate if you could delete your Duplicate thread (or modify it with deleted) so that genuine money savers are not wasting their time.

fincherdavid

 Please could you let me have your thoughts as to whether I am talking correctly or barking up the wrong tree!?  Many thanks.

sheramber

fincherdavid said:

 Please could you let me have your thoughts as to whether I am talking correctly or barking up the wrong tree!?  Many thanks.

Have you posted in the wrong thread?