Benefits of paying Life Insurance through a Limited Company- Save 49% tax
If so please read on……!!
A benefit of owning your own business is saving tax with a number of expenses. It’s no different for Life Insurance, see below:
Example:
Based on a monthly Premium of £200 and a 40% taxpayer.
Personally paid will cost: £294/ month
Company paid will cost: £150/ month
£144 saved monthly, accumulating to £34,560 over 20 years!
A full breakdown can be seen in the table below:
Please reach out and contact Priority Wealth Planning to find out more and review your own protection and insurance needs. A no cost initial financial discussion could realise a number of beneficial savings as detailed in this post.
This information is based on present understanding of current law and HRMC practice. It may be affected by future changes and individual circumstances.
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