Articles
- Tax Relief
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 at the basic rate which is currently 20%. In practice, this means that for every £80 you pay into your pension, you end up with £100 in your pension pot. - 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%). - 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.
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