Private Health Cover Tax

If you are self-employed, getting private health cover can be even more important, as you are unlikely to have a steady income to rely on. Working for yourself with no sick-pay, if anything happens to you that means you are unable to work, you could find yourself struggling with the cost of treatments and the time spent away from your job. When thinking about private health cover, tax is one of the advantages for self-employed people. This article contains some basic information on being self-employed and how private health cover and tax affects you.

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Private health cover tax deductible

Being self-employed, you are likely used to having to be very careful with your money and have a very good grasp on your spending. With tight budgets, it can seem that private health cover is something you cannot afford. In fact, private health cover is tax deductible, meaning that taking out a policy is actually incredibly beneficial. Talk to one of our expert advisors today for more information on health cover policies for self-employed people.

Private health cover tax return

One of the largest attractions of private health cover from the point of view of someone who is self-employed is that it is tax deductible. Putting private health cover on your tax return means that you can deduct it from your taxable profit. This means you reduce the amount of money you pay tax on, so instead of paying that money as tax, you can pay it as health insurance premiums. Considering if you don’t have a private health cover policy, you would still have to pay out the money you would spend on premiums anyway, you can see how getting private health coverage is a much more beneficial way of spending the money.