“Do you pay for your own life insurance?”
By that, I mean do you pay for your life insurance from your own personal bank account?
If yes then you need to consider a Relevant Life Insurance policy.
The cover and cost work pretty much the same as your current personal life policy. The difference is the company pays for the cover rather than you. When you pay your life insurance, you’ve already paid tax and National Insurance on the money.
With Relevant Life, it’s a cost to the business and therefore reduces your net profit and therefore your corporation tax.
And here’s the great news, there’s no Benefit-In-Kind to you, i.e. you don’t pay tax or National Insurance as a taxable benefit.
Another nice part to it, this can be extended to other key members of your team or even the whole team. I’ve got clients who have rolled this out to everyone within a pay rise or as a bonus.
Your Action This Week…
I’m not here to sell you life insurance, this is just one of the many ways I enable my clients to stay IN LOVE with their businesses.
To find out more about getting this benefit, you’ll need to speak to your Financial Adviser or search ‘Relevant Life’ for more information.