P11d question

Nutty_Death

Nutty_Death

Nutty_Death

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Joined
5 Apr 2004
Posts
1,213
Is the amount in 'Cost to you or amount forgone', what gets deducted from your tax allowance or is the amount which tax owed is calculated from?

My medical insurance value is in this field and I just want to make sure that I'm only paying the tax on that amount. It's much higher than previous years and I'm struggling to get a clear answer from my works payroll.
 
If the benefit is 2k per annum then you pay the tax based on your tax rate 20/40%, this is deducted from your taxable allowance.

What has it increased by, any claims etc? We're not seeing any significant increases on our company policy even with a claim i made that was about £4k of treatment
 
It's a bit of a confusing mess tbh.
Filling in a tax return to pay back child benefits... Really need to cancel it.

My P11d shows medical is about £850 and I just wanted to make sure i'm just paying tax on that amount. I think I am because my tax owed calculation seems to come to all the child benefits back + %40 tax on the £850, so I guess HMRC mustn't have known about my benefits till the end of the tax year.

This year it seems to be coming straight off my pay.

Turns out previous years being much lower was due to changing jobs.
 
It is the amount that should be treated as additional income for tax purposes that you then pay tax on. So, the total amount your employer paid for your policy.
 
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