What's new in Tax Planning
Are you eligible for the NHS pension annual allowance charge compensation?
Do the words “threshold income”, “adjusted income”, “tapered allowance” & “scheme pays” sound familiar? For those clinicians who recognise this…
Are you claiming all the tax-deductible expenses you can?
Regardless of what happens with NHS pay and the annual allowance rules, thousands of doctors are missing out on income…
Annual Allowance: Who’s requested their updated NHS pension statement?
We regularly remind doctors and dentists how important it is to keep an eye on their annual pension allowance, yet…
Achieve a positive return to the new normal
Many of our clients have had their finances brought into sharp focus by recent global events. I don’t think there…
NHS pension annual allowance: Scheme pays deadline extended
I’m afraid I’m not writing to tell you I can make your annual allowance tax liability disappear, but I do…
More annual allowance issues within the NHS pension scheme
As if life isn’t complicated enough for our NHS doctors and dentists at the moment. To add to your trials,…
9 things to prioritise before the end of the tax year
After a rough start to the year – with damaging storms, Brexit and now the Coronavirus outbreak, as GP’s and…
Are you up to speed with ISAs?
ISAs have changed a lot in the last few years. They are still one of the most tax-efficient and flexible…
NHS England to pay clinicians annual allowance charges: Concerning?
NHS England recently announced to the press that they intend to pay our NHS clinicians annual allowance charges for the…
Freshen up your finances with a health check
September not only brings a new school year, student freshers’ and shorter autumnal days to truly let us know summer…
An often-overlooked inheritance tax planning option
Control, flexibility and paying less tax often become financial priorities when you start thinking about inheritance tax and how much…
The future of the NHS pension scheme
Are you an NHS doctor with annual allowance concerns? Recent pension legislation changes have caused some unintended consequences regarding our NHS…
How to relieve the financial cost of raising a child
The cost of raising a child from birth to age 21 is a massive £231,843 according to the most recent…
Paying your unexpected pension tax bill: Your options
Confused about how much you’re allowed to contribute to your pension and what to do if you’ve been hit with…
Dental Incorporation: Is it still a good idea?
Back in 2006, the General Medical Council regulation changes resulted in many dentists opting to operate as a ‘Limited Company’….
Is the NHS pension scheme too generous?
Who would have thought an NHS pension scheme could be too generous? When transferring your 1995 NHS pension scheme to…
A refreshing start to a new tax year
Who would have thought summarising a new tax year would feel like a little light relief? For a change, we…
Stop and think before you leave the NHS Pension Scheme
NHS staff are leaving the NHS Pension Scheme at almost 5 times the rate of other public sector workers¹. Are…
Top 10 actual excuses for submitting a tax return late
As the deadline for the filing of our tax returns thunders towards us, hopefully you can smile slightly smugly knowing…
How a change in NHS Pension rules affects medics
A change to the NHS Pensions’ Scheme Pays rules from the 2017-2018 tax year potentially reduces the income tax bill…
How to know if you’re facing an unexpected tax bill?
Like many doctors and dentists, you may have already started to think about your next tax return, but have you…
The powerful pension options medics now have
How doctors and dentists view and use their pensions has changed since ‘Pension Freedoms’ came into being in March 2015….
Medics with a Limited Company: You now pay more tax!
Any doctor or dentist who is an owner or director of a limited company, and who gets paid partly or…
Ongoing tax penalties for high earning medics
The pension and pockets of high earning NHS doctors and dentists are being hit hard with tax penalties that are…
Help with childcare costs for self-employed medics
A whole new tax-free childcare funding scheme was launched in April 2017. It’s called Childcare Choices and means that, for…
GPs take note: 2017/18 could have a nasty tax sting!
Many GPs and dentists in the NHS Pension Scheme may have an unpleasant tax bill coming, merely because CPI inflation…
6-point financial checklist for doctors and dentists
For doctors and dentists working in the NHS, change is an increasingly common (if not constant!) occurrence, from changing contracts and…
4 lesser-known ways doctors and dentists can pay less tax
With inflation rising and no one feeling exactly flush with money at the moment, keeping what’s rightfully yours by paying…
An important NHS Pension deadline looms
The deadline to elect for NHS Pensions’ Scheme Pays is only a few weeks away. If you miss it, you…
New road tax rules: Don’t get caught out!
Up until April 1st of this year, those dashing about in low or zero CO2 emission hybrids and cleverly engineered cars…
4 more nails in the buy-to-let coffin
Calling all buy-to-let landlords. The new tax law that comes into force in April 2017 isn’t the only nail in…
5 ISA changes doctors and dentists need to know about
Are you desperately trying to save for your first home or, at the other end of the spectrum, so that…
5 tips when buying a dental practice
Buying a dental practice and saying goodbye to the relatively worry-free days of being an associate is a big decision….
Are you a limited company shareholder with children?
If you’re a shareholder of a private limited company, can you spread the dividends paid out amongst more of your…
Lifetime ISA: What’s in it for me?
The Chancellor’s Budget U-turn on pension tax relief changes wasn’t the only surprise he had up his sleeve; he also…
Budget 2016: The changes that affect doctors and dentists
We have cut through the swathes of Budget 2016 articles to bring you a short update on the matters that…
Another nail in the coffin for rental property
Are you a landlord with a mortgage on your rented out property? If you are, even basic rate tax payers…
Why is April 5th the end of the tax year?
In a sensible world, the tax year would coincide with the normal calendar year. Imagine…no more peering at receipts, statements…
Do you pay more tax than others?
You’ve almost certainly looked at how much tax you pay and nearly fallen over backwards in shock! Have you ever…
Efficient tax planning with Legal & Medical
Tax planning is a vital component of wealth management. With effective basic, advanced and inheritance tax planning, you can minimise the amount of tax you have to pay and maximise the tax allowances available to you.
Basic Tax Planning
For doctors and dentists who work on a rotation schedule, issues can arise concerning your tax code. This could mean you are owed a tax rebate or, worse case scenario, you owe tax.
Advanced Tax Planning
There are tax and personal liability implications depending on your business structure, tax reliefs and allowances available for GP practices and dental surgeries, estate taxes, inheritance taxes and gift taxes; all need to be considered in your financial plan.
Inheritance Tax Planning
Without effective inheritance tax planning, your loved ones could end up paying more tax than they need to on any money you leave them when you die.
How we can help you
There are many ways you can minimise the amount of tax you pay today, and the tax your loved ones may have to pay in the future.
At Legal & Medical, we explain the pros and cons of each, agree with you the best way to limit the amount the HMRC gets, and how this affect (or not) your overall financial plan.
Get in touch to find out more