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Show notes:
Tommy interviews specialist medical accountant Steve Nichols (Nichols & Co, London) about how doctors can use limited companies for legitimate tax planning. Nichols explains the key advantage is flexibility over who gets paid, when, and how (dividends, salaries, director’s loans, liquidation, and pension contributions), and clarifies differences between shareholders, directors, and employees, including using alphabet shares to pay dividends to spouses or adult children. He notes limited companies aren’t always better due to costs and admin, especially for single high-earning sole traders who spend all income, and says suitability is bespoke. They discuss using companies and pensions to manage the £100,000 tax-free childcare cliff edge and the £200,000 pension taper threshold, “money box” companies using members’ voluntary liquidation to swap dividend income tax for capital gains tax, family investment companies (e.g., property), director’s loan accounts, and employing family members at commercial rates. Nichols also offers PDFs on allowable expenses, meals, and M&S vouchers, and shares contact details.
00:00 Tax Planning Teaser
01:01 Meet The Medical Accountant
02:24 Why Limited Companies Work
04:49 When It Is Not Worth It
08:37 Getting Paid From The Company
12:20 Shares Directors Employees
14:16 Setting Up The Company Right
16:57 Income Levels And Tradeoffs
18:41 Tax Free Childcare Cliff Edge
22:44 Private Only Doctors Strategy
26:53 Money Box Companies Explained
30:57 100k And 200k Cliff Edges
33:59 Family Investment Companies
39:06 Directors Loan Accounts
42:40 Employing Spouse And Kids
46:07 Perks PDFs And Wrap Up
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