VitalityLife™ Insurance | Tax Saving Calculator for Small Biz

Did you know both you and your employees can make significant tax savings when you take out a Relevant Life Policy compared to an ordinary life policy?

Premiums paid by the employer to Relevant Life Policies are normally deductible for Corporation Tax purposes and are not classed as a taxable benefit in kind for the individual.

This calculator can help you compare the price difference of providing life cover through a Relevant Life Policy compared to an ordinary life policy.

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Annual insurance premium

Employee Income Tax rate

Employee National Insurance rate

Employer National Insurance rate

Company Corporation Tax rate

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Life Policy

Relevant Life Policy

Annual payment

£{{annualPrem | number:2}}

Employee Tax

National Insurance contribution

£{{eeNatIns | number:2}}

£{{eeNatInsRel | number:2}}

Income Tax

£{{eeTax | number:2}}

£{{eeTaxRel | number:2}}

Employer Tax

National Insurance contribution

£{{erNatIns | number:2}}

£{{erNatInsRel | number:2}}

Corporation Tax

£{{erCorpTax | number:2}}

£{{erCorpTaxRel | number:2}}

Total cost

£{{totalCost | number:2}}

£{{totalCostRel | number:2}}

{{percentageSaving | number:0}}% saving compared to ordinary life policy

Saving
£{{totalSaving | number:2}}

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Tax Savings Calculator

Your Details

Results

{{percentageSaving | number:0}}% saving compared to ordinary life policy

Saving
£{{totalSaving | number:2}}

Not all life cover is the same.

Tax Savings Calculator

Your Details

Results

{{percentageSaving | number:0}}% saving compared to ordinary life policy

Saving£{{totalSaving | number:2}}

Not all life cover is the same.

Saving
£{{totalSaving | number:2}}