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Tax Relief

Do you have a Personal pension plan or a Subscription payments that you have not claimed tax relief on? The rules covering claims for tax relief on personal pension payments and subscription payments made in previous years are changing. For each pound you contribute to a personal pension scheme, the pension provider claims tax back…Read More

Trading Style – Getting the Legal Structure Right

Tax rates have risen to 50% and certain levels of income now suffer marginal tax rates of 60%. Every pound extra that you earn could suffer income tax at 50%, superannuation contributions at 8.5% and national insurance on income above the higher earning threshold at 2% (total 60.5%). No-one expects tax bills to fall for…Read More

National Insurance Review

Many consultants have at least two sources of income – NHS and private practice income. Both these sources of income are liable to national insurance contributions (NIC’s). A consultant will pay NIC’s on their NHS salary as well as NIC’s on their private practice income. There is however a maximum amount of national insurance contributions…Read More

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