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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Good Evening, I an a self employed electrician and plumber.

Resolved Question:

Good Evening,
I an a self employed electrician and plumber. I have private medical insurance so that can have quicker treatment if a debilitating accident occurred and I find that the physiotherapy for minor accidents (under the insurance certainly helps me get going sooner and increases tha amount of work in the year.
Can I put the medical insurance, that provides these benefits and helps me get back to work sooner, down as an allowable expense?
SA
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.

Hi.

I'm afraid not. The cost of the private medical insurance is not "wholly and exclusively incurred for the purposes of the business" and so it does not constitute an allowable expense.

If you ran your business through a limited company, your company could pay it and get a deduction for it in its accounts but you would be taxed on an employment benefit and the company would have a Class 1A National Insurance Contribution liability.

I'm sorry my answer is not a positive one. Let me know if you have any further questions.

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