Self-employment V’s Limited Company for doctors

Many doctors forums are abuzz with ways to save tax and here at Medics’ Money one of the common questions we get asked from self-employed Consultants GPs and Locums is

“Should I start a limited company to pay less tax”

Our advice? Everyones situation is different and you should consult a qualified specialist medical accountant. David Elliot, Tax director from specialist medical accountants BW Medical Ltd gives you a few things to consider.

Do you need the income to live on?

YES NO
Definitely self-employed Possibly Limited Company

 

Do you want to pension the income?

YES NO
Definitely self-employed Possibly Limited Company

 

Do you have an offset mortgage?

YES NO
Definitely self-employed Possibly Limited Company

 

Do you want to keep your financial affairs confidential?

YES NO
Definitely self-employed Possibly Limited Company

 

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The above questions are not an exhaustive, but they do highlight the need to take specialist advice before any decision is made and the examination of personal circumstances and requirements cannot be overstated. Every individual’s circumstances are different in terms of where they are on their career path, what their financial requirements are plus what plans they are making for retirement.

Your accountant will certainly benefit from additional fees if you decide to set-up a limited company but will the additional accountancy costs and potential loss of future pension negate the tax savings?!

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Seek qualified specialist advice from a specialist medical accountant so you can make an informed financial decision.

You can book an initial free consultation with BW Medical through Medics Money here.