Hi guys,
My employer pays for my health insurance. This is done monthly and on my payslip I see a notional BIK amount. I multiply this by 12 and get the total gross paid.
So then I come to my form 11. I complete section 614...
614. If your Employer paid Medical Insurance Premiums on
your behalf, to an authorised insurer, in 2006
state the gross amount paid
This is surely the case. However some of my work colleagues say that I should also complete 606...
606. Amount paid for Permanent Health Benefit
(where not deducted from gross pay by employer)
Their argument is that the premium is paid by my employer to the insurer without deducting it from my pay. That it is an extra amount subject to BIK but not part of my gross pay. So they say both sections apply.
They say by not completing both sections I will miss my tax relief.
Does this make sense? I think only 614 is relevant here?
Ix.