The tax relief on medical insurance premiums is capped to €1,000 per adult and €500 per child. Where premiums exceed these thresholds, the excess will not qualify for tax relief.
Where an employer pays medical insurance on behalf of an employee, employers are now required to include the portion of the medical insurance premium that is eligible for tax relief for each employee on the P35.
Medical insurance providers will advise employers of the amounts for each employee. You must then input this information for all applicable employees into Thesaurus Payroll Manger prior to submitting the P35.
Important Note: Thesaurus Payroll Manger will not prepare a ROS P35 until this requirement is met. This only affects employers with employees on the payroll for whom a medical insurance benefit is entered in the Benefit in Kind section.
Need help? Support is available at 01 8352074 or thesauruspayrollsupport@brightsg.com.