London,
28
June
2012
|
07:03
Europe/London

Simplyhealth issues tax guidance to large employers on company paid healthcare

Healthcare provider, Simplyhealth has published a second fact sheet on the tax implications of providing health benefits to staff, this time with a focus on large employers.

The fact sheet titled 'taxation implications for company paid healthcare' provides guidance to large employers providing healthcare benefits. It explains the tax implications for both employers and employees and covers Insurance Premium Tax (IPT), National Insurance Contributions (NIC), Income Tax (IT), Corporation Tax (CT) and Value Added Tax (VAT).

Howard Hughes, Head of Business Marketing for Simplyhealth says: "The first of these fact sheets, designed for small to medium sized businesses was extremely well received. Larger organisations are also subject to the same tax implications. This guide aims to explain the key costs involved and provide organisations with examples of what the tax implications mean to them.

"We have included worked examples for private medical insurance, health cash plans and healthcare trusts which illustrate where certain taxes would be applied. We hope that the fact sheets provide organisations with a simple and useful guide to navigating UK tax requirements."

Simplyhealth has produced the fact sheet for guidance purposes only and is not intended to provide tax advice. It is recommended that employers seeking specific information should contact their tax advisor or HM Revenue and Customs.

Employers can download a copy of the fact sheet from www.simplyhealth.co.uk/business or by emailing forbusiness@simplyhealth.co.uk.

Simplyhealth provides health cash plans, dental plans, self funded health plans and private medical insurance to 20,000 companies in the UK. Our plans can help recruit and retain staff, manage absence and help employers fulfil their duty of care needs.

For further information about Simplyhealth please visit www.simplyhealth.co.uk/business or call 0845 075 0063.

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Notes to editors

- We became Simplyhealth in 2009 after bringing together HSA, BCWA, LHF, HealthSure, Totally Active, our   family of health companies have joined together over the last ten years to form Simplyhealth

- We've been providing healthcare solutions for 140 years, dedicated to serving our customers and patients through a variety of cash plans, dental plans, private medical insurance, self funded health plans and mobility and living aids 

- Simplyhealth is a trading name of Simplyhealth Access, which is authorised and regulated by the Financial Services Authority Simplyhealth as it stands today, now covers nearly four million people with health plans (more than any other company) and helps 20,000 companies with their employees' health

- Simplyhealth is committed to making a positive impact on its communities. Each year, we donate over £1 million to  health related charities and causes

Disclaimer

The information contained in these articles is intended to be for general interest, and should not be relied upon for specific conditions or complaints. You should always consult your GP or other healthcare practitioner for specific advice. The information provided is not the opinion of Simplyhealth and has been sourced through a third party.