We were contacted by a Consultant and his wife to help them with personal tax planning. The Consultant worked for the NHS and provided private healthcare services in his own time. This resulted in more financial considerations than they anticipated as he was already in the higher tax bracket income-wise.
Our new client did not have any tax planning in place and was unsure about his National Insurance contributions, also, he had queries about how best to operate, should he be self-employed or set up a limited company.
We spent considerable time with the Consultant and his wife as we wanted to understand the family structure and their financial priorities for the future. We discussed:
- How they should trade to get the best return his private work
- Did they need the money, dealing with the tax issues was becoming more of a problem than they had expected?
- We found out more about the wife’s financial situation and found that she was in a lower rate tax band.
- We discussed their financial priorities as they had dependents at University that they were supporting.
Once we had a complete picture of their current situation, we could advise that the Consultant would be best to operate as a Limited Company. By doing this, we could devise a tax strategy that helped control the amount of tax he was paying, and this took a holistic view of the family and how they could save for their pensions.
If you are a GP or medical and you want to understand your tax liability and have a clear tax strategy in place contact us, and we can advise you. You can call us on 01623 490 120 or email