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How can you avoid the 50% tax rate?

 

Earn in excess of £150,000 p.a. and you could be liable for income tax at 50% and NICs at 2% - making 52% of your taxable income in total.

 

The good news is there are many avenues to be explored in moving you to a different tax bracket.

 

It may be possible for instance, to split some of your income with a spouse or civil partnership, resulting in income being taxed at 20% or 40%.

 

 

Are you using the right tax codes?

 

 

One of the main reasons for consultants and hospital doctors paying far too much tax is that they end up using the wrong tax codes.

 

This can happen quite easily; you may have moved jobs, your payroll may not have been operating in the right way or there may be inaccuracies in the way your personal expenses or private income have been accounted for.

 

We can let you know very quickly if you’re using the right tax codes for your particular circumstances.

 

 

Do you know what your retirement income will be?

 

 

You're a member of the NHS superannuation scheme, but do you know what it will give you when you retire?

 

Many consultants and hospital doctors leave pension planning until a few years before retirement because it is such a complex area.

 

We offer specialist pension advice to bring you maximum income and security for the future. Contact Accounts Direct to find out how we can help.

 

 

Defer National Insurance contributions and save up to £2500 per year

 

 

As a consultant you probably have at least 2 income sources: NHS and Private Practice. Both are liable to National Insurance Contributions. But did you know there is a maximum amount that any one person has to pay in any one year?

 

If you have paid the maximum national insurance contributions on your NHS salary alone, we can apply on your behalf to have the National Insurance contributions on private practice income cancelled or deferred.

 

If your current accountant has not requested a deferral of payment, you will be paying more than you need to, by up to £2500 per year.

 

There are many ways to minimise the tax you pay. Determining the best approach requires medical specialist accountants, so talk to Account Direct today to see how we can help.

 

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