Welcome - Doctors Tax specialises in the management of doctors tax and accountancy
affairs. We offer a flexible but comprehensive service assisting
doctors and consultants with self-assessement tax returns, private
practice accounts, tax allowable expenses and professional subscriptions
i.e. BMA, GMC, MDU, MPS, Royal college. More
information...
Ask yourself the following questions:
- Am I paying too much tax?
- Am I claiming tax relief for all my expenses?
- Is my accountant a medical tax specialist?
- Taxation solutions also offers a wide range of other
services including payroll, Inheritance Tax planning, capital gains
tax and pension planning.
Our service is aimed at hospital doctors, hospital consultants,
GP principals and non-principals. Taxation Solutions can assure
you of an expert and personal service at all times gained through
years of experience and knowledge most recently whilst working for
the British Medical Association (Professional Services).
View our tax services >
Medical professionals offered Tax Health Plan
10 January 2010 09:00
HM Revenue & Customs (National)
Medical professionals are being encouraged under a new Tax Health Plan to tell HM Revenue & Customs (HMRC) if they have understated income. Read more >
12 Febuary 2010 09:00
Trade as a Limited Company and Save Tax....
A Limited Company is a legal entity in its own right that is owned by a shareholder(s) and ran by a director(s). Because it is a legal entity in its own right the shareholder(s) enjoys limited liability which generally means they are not liable for liabilities of the company. A limited company must have at least one shareholder and one director. The company shareholder(s) can also be the director(s).
Companies currently pay corporation tax on taxable profits at 21% (taxable profits up to £300,000). The company can pay out distributable profits as dividends which are subject to income tax on the shareholder(s). The shareholder(s) is only taxed on dividends paid out the company therefore leaving an option to retain profits in the company which can be later distributed as capital and subject to tax at just 10%.
A consultant trading through his/her own limited company can appoint their spouse as a director and allocate them a shareholding in the company. The spouse could receive a salary in order to utilise their tax-free personal allowance and dividends to utilise their basic rate tax band thereby saving tax on income which would otherwise be subject to higher rates of tax on the consultant. From 6 April 2010 the tax savings will be further maximised if the consultant’s TOTAL income exceeds £100,000 due to implementation of a new legislation that withdraws one’s personal allowances and even further where income exceeds £150,000 at which point a new 50% rate of tax applies. Your current total income will most likely be a combination of NHS salary and Private Practice profits.
We can do all the work for you, from setting up the limited company, dealing with the company’s annual reporting obligations to Companies House, dealing with HMRC regarding all company matters, appointing directors, issuing shares, paying dividends etc.
Please contact us NOW and get your limited company trading status ready for the new tax year starting 6 April 2010 and start saving tax straightaway. |
