Advanced Tax Planning for Medics & Dentists

Advanced tax planning comes in many different forms and is, as such, not just for the wealthy. Seeking advice from a financial adviser, in conjunction with your accountant, can help you reduce your tax bill even more.

Self-Employed (or LLP) or Limited Company

How a business is legally structured has implications on what and how much tax is to be paid. GP practices and dental surgeries are no exemption. There are several structures to choose from depending on your personal situation and the set-up of your business.

The tax implications and personal liability protection offered by each legal structure varies and must therefore be considered alongside your entire financial portfolio and individual circumstances.

Minimising Your Practice Tax Liability

For doctors and dentists, particularly those who own their own GP practice or dental surgery, there are tax reliefs and allowances available, from stamp duty and land tax relief when you purchase a practice to capital gains tax relief when you sell your business assets.

These should all be looked at on an individual basis in conjunction with your accountant and solicitor.

Protecting Your Wealth

Understanding estate taxes, inheritance taxes and gift taxes is essential to protecting your wealth for you and your loved ones.

For medical professionals with taxable estates, advanced tax planning above and beyond a basic tax plan is one of the options for minimising estate and inheritance tax for the benefit of future generations.

Trust Income Tax

Since 6 April 2010, tax rates on trust income have significantly increased. Dividend income is now taxed at 42.5% (up from 32.5%) and other income taxed at 50% (up from 40%).

As a result of these increases, it is advisable to review any existing long term investments in your portfolio to ensure you are still making the most of the tax efficient opportunities available to you.

Advanced Tax Planning with Legal & Medical

To find out how Legal & Medical can help you make the most of the tax reliefs and allowances available to you and your business with advanced tax planning solutions, contact us today or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it

The Financial Services Authority do not regulate tax advice or estate planning. The tax reliefs referred to throughout this website are those currently applying in the United Kingdom to UK Tax Residents. These tax reliefs are liable to change. The value of any tax relief available will depend upon the individual circumstances of the taxpayer.