Fantastic News !!! We have expanded the area of sevices we can assist you with
Key Person Insurance and Relevant Life Cover, both of those are owned and paid by the limited company and can offset against corporation tax. Both the employer and the employee will save on paying National Insurance contributions, and because the relevant life insurance is owned and paid for by the business, policy premiums should count as a tax-deductible business expense. As long as the premiums are being paid ‘wholly and exclusively’ for the purposes of the business.
Relevant life cover – personal life insurance on company expenses, let the taxman pay for your personal life cover (available to Directors and key staff). In the event of a valid claim being made, the cash sum paid out should be free from UK Income Tax, National Insurance and Capital Gains Tax. When the employer sets up a Relevant Life policy written in to trust, the benefits paid should not form part of the deceased’s estate so should not be liable for Inheritance Tax.
Key Person insurance – tax-efficient critical illness paid by your LTD Company to ensure continuity if you were unable to work due to serious illness or accident (available to Directors and key staff)
Executive Income protection – tax-efficient income protection held by your LTD to protect against the financial impact of employee’s incapacity on the business (available to Directors and key staff)
If you are interested in setting this up via your limited company, we can assist with referring you to a trusted partner for the above mentioned policies and range of mortgage products (Residential, Buy To Let and Commercial) for LTD company contractors and Directors.
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