Claiming tax on Health Insurance payments

BrokenArrows

My company pays for my heaths insurance. about 900 a year. I have the payment reciepts sent to me by Quinn.
Can claim tax back on this?

Mr. Incognito

Tax relief on medical insurance is given at source.

Ticktactoe

BrokenArrows wrote: »

My company pays for my heaths insurance. about 900 a year. I have the payment reciepts sent to me by Quinn.
Can claim tax back on this?

Yes, you can claim tax back on the portion that you employer pays. You need to get a letter from your employer stating that they do pay your health insurance and how much they pay on your behalf. If your claiming for a multiple of years you must get your employer to state the amount paid per year.

If you want more info on this contact revenue and ask for the leaflet 'IT5' - claim for medical insurance relief.

kimmykins

Ticktactoe wrote: »

Yes, you can claim tax back on the portion that you employer pays. You need to get a letter from your employer stating that they do pay your health insurance and how much they pay on your behalf. If your claiming for a multiple of years you must get your employer to state the amount paid per year.

If you want more info on this contact revenue and ask for the leaflet 'IT5' - claim for medical insurance relief.

you can claim tax credits for benefit in kind paid by your employer - mine pays my health insurance and i get tax credits of approx 200 a year on this. for anyone paying the premium themselves - this is taxed at source

Barracudaincork

kimmykins wrote: »

you can claim tax credits for benefit in kind paid by your employer - mine pays my health insurance and i get tax credits of approx 200 a year on this. for anyone paying the premium themselves - this is taxed at source

Kimmykins, i think i know what you meant to say but you arent making sense, no premium is taxed at source, relief is given at source if you pay for it yourself. Also you cant claim tax credits for BIK's paid by your employer, the health insurance is unique in that sense. If your employer pays your Health insurance, then that is a BIK and the tax relief is not given at source to you (as you didnt pay) but tax relief still is given, generally via your tax credits.

delly

Wow, this is news to me. So the €700 or so I get charged BIK on, I can now get a 20% credit allowance on. You learn something new everyday!

Barracudaincork

delly wrote: »

Wow, this is news to me. So the €700 or so I get charged BIK on, I can now get a 20% credit allowance on. You learn something new everyday!

I dont know what you think you have learnt but i wouldnt count on it being right, what are you getting charged BIK on?

delly

If your employer is paying your VHI etc., then you should be paying BIK on it.

I actually rang VHI anyway, and they have charged employers who run a group policy the net amount since 2001, so no credits back for me i'm afraid.

Ticktactoe

delly wrote: »

If your employer is paying your VHI etc., then you should be paying BIK on it.

I actually rang VHI anyway, and they have charged employers who run a group policy the net amount since 2001, so no credits back for me i'm afraid.

Actually it means you do!
If your employer is getting tax relief on the amount they pay on your behalf then that relief must get passed to you. Say they pay 100 euro for you for you VHI but VHI only charge 80 due to tax relief. You are still been taxed on the 100 euro (like BIK) and not receiving the relief. Therefore you apply to revenue for this relief who give it back to you through your credits.

pander

Guys,
Excuse my ignorance but i am getting confused reading the previous threads.
I have paid health insurance myself for the last year, i now learn that i can claim tax back for it, is this correct?
If so what form do i use and does the % you claim back depend on the % of paye your paying or have they locked it at 20%

Also, if i change my health insurance this year to another company, who offer a group discount of 10%, do i automatically get tax credits applied?

delly

pander wrote: »

Guys,
Excuse my ignorance but i am getting confused reading the previous threads.
I have paid health insurance myself for the last year, i now learn that i can claim tax back for it, is this correct?
If so what form do i use and does the % you claim back depend on the % of paye your paying or have they locked it at 20%

Also, if i change my health insurance this year to another company, who offer a group discount of 10%, do i automatically get tax credits applied?

For personal insurance, the relief is applied at source in most cases, so before you think your getting anything back, ring your provider to check.

Ticktactoe

pander wrote: »

Guys,
Excuse my ignorance but i am getting confused reading the previous threads.
I have paid health insurance myself for the last year, i now learn that i can claim tax back for it, is this correct?
If so what form do i use and does the % you claim back depend on the % of paye your paying or have they locked it at 20%

Also, if i change my health insurance this year to another company, who offer a group discount of 10%, do i automatically get tax credits applied?

Only if your insurance is paid by your employer - some employers add this as a perk to the job so they pay a portion if not all of your VHI etc. Only this amount qualifies for tax relief. If you are paying it yourself (not via your employer) then relief is already granted at source (source been the provider i.e bupa or VHI etc).

danois

Hi i was just about to post the same kind of question when i seen this one now im even more confused lol sorry if this is a silly question but The company pays the VHI and I pay them an extra €8 a week on top of what the company pay's can i claim anything back on this and if so how. Please make it as simple as possible because i have really no idea about any of this stuff.

Thanks a million