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Ep 343: Do Limited Companies ACTUALLY save doctors tax?
Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics Money&utm_content=Podcast Terms and Conditions apply. Capital at risk. You must remain invested for 12 months to retain the welcome bonus. One Bonus per client. These are affiliate links and Medics Money may get a commission at no cost to you if you go onto open an account. Want the latest financial tips for doctors and exclusive invites? Join 71,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want to find out more about our other courses? www.medicsmoney.co.uk/courses Follow us on Instagram Follow us on Twitter Disclaimer: The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results. Show notes: Tommy interviews specialist medical accountant Steve Nichols (Nichols & Co, London) about how doctors can use limited companies for legitimate tax planning. Nichols explains the key advantage is flexibility over who gets paid, when, and how (dividends, salaries, director’s loans, liquidation, and pension contributions), and clarifies differences between shareholders, directors, and employees, including using alphabet shares to pay dividends to spouses or adult children. He notes limited companies aren’t always better due to costs and admin, especially for single high-earning sole traders who spend all income, and says suitability is bespoke. They discuss using companies and pensions to manage the £100,000 tax-free childcare cliff edge and the £200,000 pension taper threshold, “money box” companies using members’ voluntary liquidation to swap dividend income tax for capital gains tax, family investment companies (e.g., property), director’s loan accounts, and employing family members at commercial rates. Nichols also offers PDFs on allowable expenses, meals, and M&S vouchers, and shares contact details. 00:00 Tax Planning Teaser 01:01 Meet The Medical Accountant 02:24 Why Limited Companies Work 04:49 When It Is Not Worth It 08:37 Getting Paid From The Company 12:20 Shares Directors Employees 14:16 Setting Up The Company Right 16:57 Income Levels And Tradeoffs 18:41 Tax Free Childcare Cliff Edge 22:44 Private Only Doctors Strategy 26:53 Money Box Companies Explained 30:57 100k And 200k Cliff Edges 33:59 Family Investment Companies 39:06 Directors Loan Accounts 42:40 Employing Spouse And Kids 46:07 Perks PDFs And Wrap Up Mentioned in this episode: Start Investing Here Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&ut m_source=Medics Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Af filiate&utm_source=Medics Money&utm_content=Podcast
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