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BIK and Medical insurance

  • 12-07-2018 11:40pm
    #1
    Tango One
    Registered Users, Registered Users 2 Posts: 833 ✭✭✭


    I'm wondering would anyone be able help.

    I'm reviewing my wife's p21 from the last few years. Anytime revenue reviewed her account she always ended up coming up as underpaid and owing money.

    There is one strange thing on the p21 that doesn't show up on mine. In panel 1 and 9 it showed benefit in kind for a certain value(both the same). This happen to be the same amount as her medical insurance for that year. Her employer paid the full cost of the insurance for which she paid BIK in turn.
    Her medical insurance increase over the next number of years but this same value showed up in panel 1 and 9 for the next 4 years.

    The only thing I can think is she used to have the option to take the money instead of the medical insurance(which happened to be this value that popped up in panel 1 and 9). Possible her payroll never correctly adjusted. Am I right or wrong?

    Appreciated if anyone can help.


Comments

  • #2
    namenotavailablE
    Registered Users, Registered Users 2 Posts: 59,702 ✭✭✭✭namenotavailablE


    Did the employer ALWAYS pay the full cost of the health insurance in those 4 years? It could be explained if the employer was willing to pay a certain limit (on which BIK was then charged), with your wife paying the balance through payroll deduction.

    Free Excel net pay calculator- https://taxcalc.eu/monthlyss/Employee%20PAYE%20calculator.xlsm



  • #3
    Tango One
    Registered Users, Registered Users 2 Posts: 833 ✭✭✭Tango One


    namenotavailabl wrote: »
    Did the employer ALWAYS pay the full cost of the health insurance in those 4 years? It could be explained if the employer was willing to pay a certain limit (on which BIK was then charged), with your wife paying the balance through payroll deduction.

    Yes they always did pay the full amount. Would her P60 hold the answer.

    Cheers


  • #4
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    Tango One wrote: »
    Yes they always did pay the full amount. Would her P60 hold the answer.

    Cheers

    Easiest thing to do is get a letter from her employers stating the amount of health insurance paid for the last 4 years and send it to Revenue to update the record.


  • #5
    Tango One
    Registered Users, Registered Users 2 Posts: 833 ✭✭✭Tango One


    relax carry on wrote: »
    Easiest thing to do is get a letter from her employers stating the amount of health insurance paid for the last 4 years and send it to Revenue to update the record.

    The company shut down its irish operation about 2 years ago which could make it difficult


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