Medics Money podcast
Ep 197: Limited Companies 2024 Masterclass
Feb 6, 2024
Tommy and Steve from Nichols & Co talk about limited companies for tax savings, including income-spreading strategies and the myth of tax efficiency. They discuss the importance of understanding salary limits, maximizing state pension benefits, and checking National Insurance record. They also mention the benefits of having a paper round job in youth for NI record and touch on taking a salary and its ancillary benefits.
44:20
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Quick takeaways
- Before setting up a limited company, consult with an expert to determine its benefits and integrate accounting software with your bank and CRM system.
- Medical practitioners performing cosmetic procedures should consult with a specialist accountant to ensure compliance with VAT regulations and avoid penalties.
Deep dives
Topical Tax Tips for Setting Up a Limited Company
Setting up a limited company can be a straightforward process. It's important to have a conversation with an expert beforehand to determine if a limited company is beneficial for you. Once set up, you will need to open a bank account for your company and integrate your accounting software with your bank and CRM system. Additionally, ensure that you have the appropriate insurance to protect yourself in case of any issues with the tax authorities. Lastly, if you are unable to pay your tax on time, don't ignore it. You can arrange a time to pay deal online to avoid penalties.
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