A Dentist earning over £150,000 per annum could suffer income tax at 50%, No-one expects tax bills to fall for several years so any opportunity to reduce tax rates or utilise additional tax allowances and reliefs must be explored.
One way of doing this is to consider which legal structure is the most 'tax' appropriate for your business. You could choose from four main legal structures:
Choosing the most appropriate legal structure could allow a Dentist to achieve the following:
- Split some of their income with a spouse or civil partner
- Cause income to be taxed at 40% or 20% rather than 50%
- Reduce national insurance contributions
- Shelter income in a corporate structure where it will suffer tax at 20% rather than 50%
We are experienced in considering all these relevant issues. Please call us if you would like to discuss all your individual circumstances.
Contact us today for free consultation
Telephone 0207 183 1082