Do I need to report public liability ins?

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I work in a startup company. Just hired first 2 employees and therefor had to buy employers liability insurance. However insurer along with employer liability insurance also included public liablity and product liability. I think that it was their gift for me for the same price.

Should public/product liability insurance be reported to hmrc as expense/benefit(employee liabilities and indemnity insurance section) in employees p11(or its substitution) or is it a totally different thing? The invoice was issued to the company, only company name is in policy. However it is stipulated that there are 2 employees.

 

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Out of my mind
By runningmate
24th May 2017 20:57

None of these insurances should go on the P11Ds. If you don't understand this speak to your accountant.
RM

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Replying to runningmate:
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By Lamil
24th May 2017 21:21

Thanks for the answer. So public/product as well as employers liability insurance are just company's expenses not employees expenses/benefits?

Just in case to close the question. What type of insurance are meant to be reported as per following:

"As an employer, you might have to report the costs of employee liabilities and indemnity insurance you provide for your employees.

Employee liabilities and indemnity insurance covers your employees if someone takes them to court because of a mistake they make at work.

You must report on form P11D the total cost to you of the legal or insurance expenses for each employee. You don’t have to deduct or pay any tax or National Insurance."

Something like professional indemnity bought specifically for and in the name of employee XYZ?

Unfortunately my accountant is unavailable for the next month or so for personal reasons.

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Out of my mind
By runningmate
24th May 2017 21:37

Insurance for directors & officers of the company to cover them for claims made against them personally.
This sort of cover is often held by large consumer orientated businesses.
Public & product liability insurance covers the business for claims against it by its customers etc. Employer's liability insurance covers the business for claims made against it by its employees (e.g. if they suffer an accident at work).
RM

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By Lamil
06th Jun 2017 22:21

.

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