do you see advantages in becoming a limited company

rammster

I am a UK based GP getting income from locum work

I am wondering if I became a limited company whether there will be any advantages

I I have 2 sources of income
a. locum work with various trusts
b. rental properties (2) producing income

I am a high rate tax payer (40%)

As a doctor , who is self employed, and invests in properties , do you see any advantages in me becoming a limited company.;

I pay my tax after self assessment.

Artistxman

I think...you might be able to save a lot in taxes. But, transferring the properties to the limited company might be an issue. I am not very experienced in this...but, read somewhere that if it's your own, you may get out of CGT if you transferred with in 3 years. Otherwise, you need to time it right to avoid CGT.

An accountant with experience in these would be helpful.

rammster

hey thanks. I am buying another property at the moment. should i be speaking to accountants sooner and asking about this kind of advice. What advantages do you see if the property was on a limited company.

olly300

I suggest you make an appointment with an accountant.

They will advise whether both or one of your earnings is better to put in a limited company.

mswannabe_2

rammster wrote: »

I am a UK based GP getting income from locum work

I am wondering if I became a limited company whether there will be any advantages

I I have 2 sources of income
a. locum work with various trusts
b. rental properties (2) producing income

I am a high rate tax payer (40%)

As a doctor , who is self employed, and invests in properties , do you see any advantages in me becoming a limited company.;

I pay my tax after self assessment.

Consider buying How to Avoid Property Tax by Carl Bayley for around £24.00. Loads of tips re CG tax, allowances, Limited Companies etc.

If you go down the road of becoming a Limited Company, PM me and I will forward on details of the accountant I use. They provide a full accountancy service for £69.00 per month