Did you know Life Cover is now classed as a business expense? Reply


Business Accountant

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Life Insurance is now tax-free and classified as a business expense.

Offering death in service benefits to you or your employees ensures they don’t have to worry about their loved ones should the unthinkable happen. Whether you’re a company director who wants to offer it to you and your staff, or contractor who wants it for your own family, Life Insurance has always come with hefty tax implications. But that’s no longer the case.

Changes mean big savings.

As a director or a contractor you probably aren’t aware of ‘A Day’ and why would you be. Back in April 2006 there was a big change in legislation (known as ‘A Day’). Though this was over a decade ago many people still aren’t aware of the significant savings involved.

Here’s what ‘A Day’ means for you:

  • Life Insurance premiums are not taxed on the employee as a P11.

  • Premiums can be…

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