For further information on Benefit in Kind, click here
Benefit in Kind on Medical Insurance
In the case of medical insurance premiums, the cost to the employer is based on the Gross invoiced premium before TRS (Tax Relief at Source). The employer refunds the TRS to Revenue.
Processing Benefit in Kind on Medical Insurance (Annual) in BrightPay
To access this utility go to Employees, select the employee in question from the listing and click 'Benefits' on the menu toolbar, followed by Medical Insurance > Annual.
1) Description - enter a description of the medical insurance e.g. provider name.
2) Gross premium – enter the annual gross premium amount of the medical insurance being provided, if the benefit is only for part of the tax year, the start and end dates will make the appropriate adjustments.
3) Start Date - enter the start date of the benefit provided.
4) End Date - enter the end date of the benefit provided if this ceases within the same tax year.
5) Employee contribution - enter any amount made good by the employee directly to the employer towards the cost of providing the medical insurance.
6) Click Save to save the Benefit In Kind entry.
The 'Notional Pay' will be added to the employee's gross income each pay period to ensure that the correct PAYE, Universal Social Charge and PRSI are charged.
Need help? Support is available at 01 8352074 or firstname.lastname@example.org.