Is there VAT on business insurance?
You do not pay VAT on business insurance, however, Insurance Premium Tax (IPT) is usually included in the price that you pay for your insurance policy.
The standard rate of IPT you pay is 12%, however, it depends on the type of insurance you are taking out and there are some exemptions. Unlike VAT, IPT can't be recovered.
Can I use my personal bank account to pay for my business insurance?
Yes, you can pay using either a business or personal UK bank.
What payment methods are available when I take out my policy?
We can take payment by credit or debit card on an annual basis, or by annual direct debit. For customers paying over £200 (annually) we also offer interest free monthly direct debit.
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Need more help? Speak to our UK-based experts. Call us on 0800 2800 351
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If you haven't found the information you need, see if we've caught your query in our business insurance FAQ hub. Here, you'll find answers to questions on the specifics of our policies, information about the types of cover you might benefit from, and FAQs on making payments.