Active Tax Management
There are many aspects to private practice taxation and tax reliefs, as well as the taxation on you as you withdraw your trading profits. Planning is crucial.
Private Practice Tax Structure
Understand how best to set up your practice.
Co-ordinating all sources of income
Understand how your different income streams are taxed and plan ahead.
Private Practice Tax Structure
Consultants practice either through a limited company, a partnership or alone through self-employment. To determine the best route, there are many considerations that we discuss with our doctor clients and this involves getting to know them and their circumstances well.
Factors to consider include how much you expect to earn, what other income you have, how much income you require, whether your spouse can be involved in the business – and many more.
Furthermore, this is an area where tax legislation changes frequently and it is vital to revisit your business structure with us regularly. As always, the important thing is to take time to plan and to rely on our expertise to help you.
Co-ordinating Practice, Employment and Investment Income
Many doctors and medical professionals will have income from employment, private practice and investments, which are taxed in different ways and will link across different tax bands and tax rates. Additionally, their spouse may contribute other income to the family.
We can help you understand how all your family income streams are linked and plan to ensure that they are not subject to more tax than necessary. Again, it is about taking time to understand the whole picture and offer you careful and tailored advice.
