Life Insurance - Can it really be tax deductible?
Posted on 19th February 2016 at 12:00
Many business owners are unaware that they may be able to put life insurance through the company as a legitimate tax-deductible business expense. Not only that, if the policy meets certain conditions, it is not treated as a benefit-in-kind so there is no National Insurance or personal tax payable. Win, win!
It can only provide life cover and no other benefits
It can only pay out a lump sum if the director/employee dies in service before the age of 75
It can’t have a surrender value
It can only pay out to an individual or charity
We would be happy to put you in touch with a financial advisor to explore this, in most cases there are no set-up fees.
If you are interested please contact us today and we can put you in touch with a specialist financial advisor to provide further guidance and, if you happy to go ahead, help get the life insurance set up for you.
Nicola J O'Sullivan -
Founder | Xero Champion | IR35 Expert
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