An often overlooked tax efficient structure for medical professionals with self-employed private practice earnings or Locum earnings is a partnership or limited liability partnership with their partner or spouse.
This structure can achieve significant tax and National Insurance savings especially in the situation where the spouse is a non earner or lower earner.
There can be a number of reasons why someone would choose a partnership structureover a limited company structure:
Taxable profits are only minimal.
Maintains a self-employed status.
Less formalities and legal responsibilities
Partner’s shares can be varied year on years according to the partnership agreement.
Superannuable work needs to be paid to an individual as opposed to a company.
A company is just not for you.
Reduced annual compliance costs.
We are able to advise you on the most tax efficient structure that best fits your personal financial positions.
We can, of course, deal with the preparation of the partnership accounts, partnership tax return and advise on the most tax efficient split of profits.
Let us discuss this option with you further – Contact Us Now: firstname.lastname@example.org