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About us Blog Partner with us Contact us About us Blog Partner with us Contact us Life insurance for the tax savvy contractor. Life insurance for the tax savvy contractor. Life insurance for the tax savvy contractor. Life insurance for the tax savvy contractor. Life insurance for the tax savvy contractor. Request a quote What is Relevant Life Insurance? What is Relevant Life Insurance? Put simply, Relevant Life Insurance is tax efficient life cover for company Directors and LTD company employees. It moves the cost of your life insurance policy from your pocket to your company expenses & the taxman - saving you money. A Relevant Life Insurance policy is a tax-efficient way of providing yourself (or your employees) with personal life cover - paid for by the business, as a company expense. 6 Ways Relevant Life Insurance can save you tax: 6 Ways Relevant Life Insurance can save you tax: 1. Save Tax You immediately save tax by the business paying the life cover premium. 2. Not Treated as It is not treated as a benefit-in-kind; the premium is not included as a P11D benefit. 3. Not Subject to Premiums are not subject to National Insurance payments for the employer or employee. 4. Tax Relief Your business can claim Corporation Tax Relief on the premiums. 5. Tax Free The benefit is payable tax free. 6. Does not Count The benefit does not count towards your lifetime allowance for pension purposes. How much could I save with Relevant Life Insurance? Let’s say you own your own company and pay £100 a month from your own pocket for life insurance - it’s costing your company more than it should. For starters, if you’re a 40% taxpayer, there’s income tax and 2% employee national insurance contribution, plus 13.8% employers’ national insurance contribution. In fact, after 19% corporation tax relief, the net cost to your company works out at £158.93 per month for you to pay for the policy personally. Contractor Private Office was set up for precisely this scenario. Simply put, we operate a guidance service for every financial aspect of your business - with zero jargon, legalese, or unnecessary complexity.? Request a quote If you pay £100 a month for a Relevant Life Plan you won’t pay any national insurance contributions or income tax on the premiums but you still get the 19% corporation tax relief, making the net cost only £81 per month. That’s a huge saving of £77.93 a month or £935.16 over the year. Contractor Private Office was set up for precisely this scenario. Simply put, we operate a guidance service for every financial aspect of your business - with zero jargon, legalese, or unnecessary complexity.? Relevant Life Insurance doesn't only save you money, it can be used to protect: Further reading from our Blog A Contractors guide to trusts and tax efficient Life Insurance As a Contractor, you could benefit from writing your Life Insurance into a trust. But what is a trust and how do they work? How do trusts work? A trust allows you to gift assets to your loved ones. In the case of Life Insurance, it means your partner, children, or anyone nominated in your trust, will receive the policy payout in the event of your passing. But how is this different to normal Life Insurance? Firstly, you may not have to pay inheritance tax. In some examples, the payout from standard Life Insurance could form part of your estate Fun things to do with your family this Christmas We know that a Contractor’s life is a busy one so with Christmas on the horizon and contracts winding down, you can finally kick back and spend some quality time with your loved ones. To get you in the mood, we’ve put together some fun activities you can do with your family this Christmas. 1. Make some delicious Christmas cookies Who can say no to a Christmas cookie, kitchen mess or not! We’ve found a simple recipe that will give you freshly baked cookies in under 20 minutes. Get the kids involved by having them measure out the ingredients, 5 facts Contractors should know about Relevant Life Insurance We talk to Contractors every day, so we know that your biggest priority in life is protecting your loved ones. But when you work for yourself, you can lose out on the benefits, such as sick pay and death in service, that ‘traditional’ employees provide. As a Contractor, if you own a limited company, and already have life insurance in place, you should consider switching to Relevant Life Insurance as it’s tax efficiency could save you money. We have found the top 5 facts about Relevant Life Insurance that all Contractors should know. 5 facts about Relevant Life Insurance We’re proud to have a client base who love who we are and how we work. "Tom organised a thorough review of my life insurance needs and gave me clear, succinct and timely advice on the options available to me, and the costs involved, and best of all set up a tax efficient way to set up my life cover and business protection insurance. I would highly recommend Tom to owner/managers and entrepreneurs." - Jamie Wollen Owner at Jamie Wollen & Associates LLP "Nathan was knowledgeable and very helpful. After thoroughly analyzing my situation he made useful suggestions, which helped us to collaboratively arrive at a suitable solution. Once the process was put in motion, Nathan maintained communication with me, giving me regular updates. At all times I felt confident in his judgment" - Jeremy Towers Solaris / Linux Migration Specialist "Nathan has recently helped me choose a couple of insurance covers, explaining them very well in relation to my position as a Ltd company contractor. He's really helpful, also patient and very thorough with his processes. He makes insurance things feel personal without resorting to a 'hard sell'." - Ben Warwick Contract UX/UI Designer 0203 854 1500 [email protected] Request a quote About us | Blog | Partner with us | Contact us Broadbench's Relevant Life Expert is authorised and regulated by the Financial Conduct Authority number 590288 in respect of mortgage and insurance mediation activities only. Registered address: 2 Stanley Road, Poole, Dorset. BH15 1QY. The Company is registered in the UK, number 07491324. Visit Broadbench's Privacy Policy here . © 2018 | Relevant Life Expert
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Registered on: 09-Jun-2014
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Last updated: 12-Dec-2020
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Domain name:
relevantlifeexpert.co.uk
Data validation:
Nominet was able to match the registrant's name and address against a 3rd party data source on 09-Jun-2014
CREATED 09-Jun-2014
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Domain name:
relevantlifeexpert.co.uk
Data validation:
Nominet was able to match the registrant's name and address against a 3rd party data source on 09-Jun-2014
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RELEVANTLIFEEXPERT.CO.UK 198.185.159.144
NAME relevantlifeexpert.co.uk
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Domain name:
relevantlifeexpert.co.uk
Data validation:
Nominet was able to match the registrant's name and address against a 3rd party data source on 09-Jun-2014
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