Limited company vs sole trader locum Healthcare professional

[SMRX]

Hi all,

I've recently been informed by my accountant that a gross annual income of 55k will mean I'll have a tax bill somewhere in the region of 12k as a sole trader whilst claiming 10k in expenses. I have been told it might be more tax efficient for me to set up as a limited company in order to reduce my tax bill. Please can someone provide a bit of guidance. Feel free to ask for more information.

Thanks
S

 

[Sheppard Digital]

When I've had this conversation in the past with my accountant, he's suggested moving limited when profits are over £40,000.

However, I'm sure an experienced accountant will be along soon to give you more concrete information.

 

[SMRX]

Thank you for your response I really appreciate it. Lets see if any accountants have anything else to add.

 

[KAC]

There are specialist accountancy practices dealing with healthcare professionals. Maybe have a look here