Tax Efficiency for Consultants Paying Family Members

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    Home » Services » Specialist Consultants Accounting Services » Strategic Tax Planning for Consultants » Tax Efficiency for Consultants Paying Family Members

    Consultants Paying Family Members

    Employing a family member can be tax-efficient for consultants, provided the employment is justified and the pay aligns with real work done.

    Consultant Family Wage Consultation

    For consultants considering paying family members, we offer expertise to ensure that wages are an allowable deduction and that the employment meets all necessary tax criteria.

    Advantages of Family Employment

    When consultants hire family members, it can lead to significant tax savings. Our guidance ensures that you benefit from allowable deductions while maintaining tax compliance.

    • Validate genuine employment within your practice.
    • Optimise tax rates through family income distribution.
    • Maintain proper records for HMRC review.
    • Navigate payroll requirements for family wages.
    • Explore pension contributions as an alternative to wages.
    • Enhance overall household income with strategic tax planning.

    Strategic Family Wage Planning

    We understand the nuances involved when consultants employ family members. By working closely with you, we ensure that the employment terms are justified and that payments meet all tax requirements, safeguarding you from any potential HMRC queries while optimising your overall tax position.

    We have received an excellent service since we moved to Nichols & Co. The transition has been the most hassle-free and transparent. They are always very helpful with any queries you might have and have a very good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.
    We have been very impressed by the way Nichols & Co continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice.

    At the year-end meetings, the accounts are presented in an understandable format without any unnecessary jargons. We have found Practice consultation and advice on Practice as well as personal tax matters from Nichols & Co specifically helpful.
    We would not hesitate to recommend them to other GP Practices.

    Dr William Jasper, GP Partner

    I am a GP who works both in salaried and sessional roles. I have been with Nichols & Co for nearly three years. They have helped with my tax returns and can help with the range of different forms required in GP work. Danny and Shadmir have been accurate and efficient in their advice and guidance throughout. They have also been helpful and responsive when I have needed advice on the purchase of a car and also when looking to prove my income in order to get a mortgage.

    The system for providing income details and expenses is very easy to use and the summary they provide of how and when to pay your tax could not be clearer. I would recommend Nichols & Co to any colleague looking for an accountant with a good knowledge of GP work. 

    Dr C DeSouza, Salaried GP

    I’ve been with Nichols and Co for nearly 10 years with Debra being my accountant. I first contacted them when I received letters for tax arrears due to the wrong tax codes being applied during my hospital jobs.

    Debra sorted this matter out and has always provided helpful and honest advice regarding tax matters. She has also helped my wife with her tax returns. I would definitely recommend their services for accounting matters with a special interest in helping doctors with their tax affairs. They are approachable, helpful and efficient.

    Dr Ravi Bansal, Locum GP
    Get in touch
    Contact us for specialist medical accountancy services for Consultants

    If you’re looking to plan your finances for the future or trying to find an answer to a problem then get in touch today.

    Telephone: 020 8850 3300

    We’re open from 9am to 5pm Monday to Friday. We are closed on bank holidays.

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