Budget 2021: Corporation Tax Rise

revenue and customs

From April 2023 the rate of corporation tax paid on company profits will increase from 19 to 25 per cent. This applies to companies with profits above £50,000. Businesses with profits under this threshold will retain the 19 per cent tax rate.

Will you trigger a tax charge of thousands?

revenue and customs

More and more doctors are triggering substantial tax bills because of harsh new pension savings regulations. The annual restriction on the amount you can contribute to your pension free-of-tax is known as the ‘annual allowance’. New rules decrease the standard annual allowance of £40,000 to as low as £10,000 per year for doctors with a […]

Will you receive the tax info you need?

revenue and customs

The NHS Pensions Agency begins to send out annual pensions statements towards the end of summer. These letters detail your annual pension input for the preceding tax year and can be essential in calculating your own position in terms of yearly pension savings. As we know, there is a limit to the amount of tax-free […]

Will the NHS scheme pay your tax charge?

dinner couple

Tax is always a point of conversation at the start of the year – particularly in our line of work – but this year medical professionals will be forgiven for being even more confused by the tax due on their pension savings. The annual allowance limits the amount which can be saved into a pension […]

Are you walking blindly into a tax trap?

The television adverts might be promising pre-Christmas delivery but there is no such festive joy from the NHS Pensions Agency. Thousands of doctors could face harsh tax penalties on their annual pension growth because they have not yet received annual statements from NHS Pensions which is now experiencing processing delays of up to 16 weeks. […]