We enable property investors and medical professionals to maximise their wealth whilst being tax efficient. Can we help you?
OUR CLIENTS 01
Are you frustrated or disgruntled with how much tax you’re paying? Let us help build your wealth in a tax efficient structure for you and your family. We will work with you as your strategic tax partner, whether you wish to build a property investment portfolio or your medical business.
Property investors: Download our guide to building a tax efficient property investment business. Medical professionals: Download our business and tax guide to growing your practice.
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START YOUR JOURNEY TODAY. 04
If you wanted to speak with us before you request a proposal then please book some time with us using our appointment booker. You will receive an email notification to let you know that your booking has been secured.
Are you frustrated because you are not able to get hold of your accountant/tax advisor?
Our clients love our service because we are available with very little notice and we are always available to provide clear, concise advice.
TRUSTED BY THE BEST. 06
Dr Karim set up his Botox services in his own name only to find he was paying 45% income tax and 9% national insurance to boot. We advised him how to change his business structure for his private clients which reduced the tax charge from 54% to 19%, as well as showing him and his family how they could extract cash tax efficiently from his new limited company.
Phil purchased a property with a shop above it and his solicitor asked him to pay £10,000 for Stamp Duty Land Tax (SDLT). Sadly he was misinformed and the SDLT charge should have been just £2,000. With our help, he was able to claim back the £8,000 (with interest) from HMRC.
Dr Phillips used a limited company for his GP practice but was taking money out inefficiently, resulting in a painful 54% personal tax bill every year. We helped him save significant tax by restructuring his limited company shares and ensuring ownership was spread amongst his family in a way he’d always wanted but never before had the support to make happen.
Martin purchased a £200,000 commercial building which he was going to convert to a residential dwelling. Unfortunately for him, his prior accountant did not tell him about the tax breaks of saving VAT and SDLT on purchase. He did not repeat the overpayment of VAT of £40,000 or the overpayment of SDLT of £8,000.
Dr Singh was extracting money from his limited company and being taxed at 38.1% on dividends to buy a property. With our help, he set up a property investment business that was loaned money from his GP practice. That meant he saved £38,100 in tax on a £100,000 investment.
Dr James and his wife had a £700,000 investment business, not benefitting from holdover relief. They became concerned about protecting their family from future IHT tax bills. With our help, they redesigned their business structure to ensure that any future capital growth would be assigned to their children and reduce their IHT bill to nil.
Mr Grant disposed of a property and was worried about the CGT liability of £15,000. As an additional rate taxpayer, he already paid over £50,000 of income tax. With the use of an alternative investment as identified by our strategic partners, he was able to mitigate the CGT liability in full and get a cheque back from HMRC refunding £16,071 of income tax.
Dr Singh runs a medical practice and owns the building from which it operates. We identified the ability to claim Capital Allowances on the building. That meant that his tax liability was reduced by £20,000 in the first year of working with us alone.
FREQUENTLY ASKED QUESTIONS 08
We anticipate you will have many tax questions that need answering. Our monthly retained service allows you to book unlimited tax calls with us to answer your questions.
IR35 was introduced to stop doctors, GPs and locums being tax efficient us: ing limited companies. Read more here to see how our accountants for medics, doctors and GPs can help you: https://www.optimiseaccountants.co.uk/locum-doctors-pay-less-tax-ir35/
There are many ways in which you can extract money from a limited company. The most obvious ones are wages and dividends. However, there are many golden nuggets that may be extracted from your limited company gold mine. Please see this article to see how you can extract more than just wages and dividends. Article: https://www.optimiseaccountants.co.uk/extracting-cash-out-of-a-limited-company-2018-19/
Capital Gains Tax (CGT) will be charged when you sell a buy to let property and you have made a taxable gain. However, it is possible to minimise the amount of CGT that is paid to zero. Please read our article as we explore the many ways in which CGT may be reduced https://www.optimiseaccountants.co.uk/avoidance-of-paying-cgt-on-selling-an-investment-property/
As a GP practice, you will be provided an allowance from the NHS and is part of the GP rent reimbursement valuation. It is possible to challenge the valuation to ensure that you are paid a fair market privicd for the premises that you provide for patient care. See the article for more details: https://www.optimiseaccountants.co.uk/are-you-challenging-nhs-on-their-rent-reimbursement-valuation/
There are many GP locums that are paying far too much tax. This is because they are not providing for the costs that may help them reduce their taxable income. In this article, we explore the many different types of costs that a GP locum may offset against their medical income. https://www.optimiseaccountants.co.uk/doctors-and-locums-allowable-costs-to-reduce-your-taxable-profit/
One of the biggest missed opportunities is for GP doctors to use their pension to buy the building that they work from. It is possible to use your pension to buy a building and the rent collected from the NHS and other doctors may be paid into the pension pot. The income generated in the pension is not taxed, nor is the capital growth of the building. In this article, we explore how you can set up a SIPP pension: https://www.optimiseaccountants.co.uk/how-to-set-up-a-sipp-pension/
It is possible to gift a buy to let property investment to a child. In the majority of times, you will pay Capital Gains Tax (CGT) when passing a buy to let property to a child. However, using a trust wrapper allows you to use your IHT lifetime allowance rather than being charged CGT. See the article for more details: https://www.optimiseaccountants.co.uk/gifting-buy-to-lets-properties-to-children/
Transferring properties to a limited company from your personal name will in the majority of occasions incur a Capital Gains Tax (CGT) charge on uoi as the seller. You will also have a Stamp Duty Land Tax (SDLT) charge by the purchasing limited company. Both of these may be avoided using the incorporation reliefs of moving properties to a limited company via a partnership. Read our article here: https://www.optimiseaccountants.co.uk/how-to-incorporate-your-property-business-and-mitigate-sdlt-cgt/
Stamp Duty Land Tax (SDLT) is a tax that is paid by property investors and developers when a property is purchased. There is also the new 3% SDLT surcharge that applies to residential property investments. However, like many taxes SDLT is optional. As a property developer, it is possible not to pay SDLT on residential property investments. In this article, we explore the many ways in which SDLT may be avoided altogether: https://www.optimiseaccountants.co.uk/developers-do-not-pay-sdlt-on-flips/
Section 24 mortgage interest relief cap started to come into effect 2017/18 with the reduction of 25% to the amount of mortgage interest that is allowed to be offset against your property income. From 2020/21 landlords will no longer be able to offset mortgage interest against their property income. This means that the majority of landlords will pay more tax. In this article, we explore what Section 24 is, how it will affect you as a property investor and what may be done to mitigate its effect. Article: https://www.optimiseaccountants.co.uk/how-section-24-affect-property-investors/
The NHS pension is a difficult area for many GP doctors to understand. This is because the NHS do not provide enough education or information on this subject matter in a way that it is easy to understand. There have also been a number of changes to the NHS pension. In this article, we explore what the NHS pension is and how the changes affect you as a GP locum. https://www.optimiseaccountants.co.uk/what-are-the-changes-to-the-nhs-pension-since-19982015-and-april-2015/
Rent is normally VAT exempt. Therefore many landlords will not charge their tenant's VAT on their rent. However, this is a little more complex for those that have serviced accommodation/holiday lets. Once your turnover exceeds £85,000 you will need to register for VAT. This could be a problem as you may lose business by charging this extra 20% cost. In this article, we explore the implications of VAT and how you could use the flat rate scheme to mitigate the potential negative impact. Article: https://www.optimiseaccountants.co.uk/vat-flat-rate-for-holiday-lets/
Insightful business and tax articles09
Read our articles to keep up to date with the latest legislation, which will help you save tax.