Check your finances now to relax later on

With the commencement of the new tax year in the next few weeks and spring almost upon us, it is a great time to consider your finances for the year ahead. Ian Tongue considers some of the key areas you should consider when reviewing your finances.

Independent practitioners face an ever-changing world of pensions and taxation regulations, so it is always a good idea to periodically review your circumstances, especially for doctors new to private practice. 

Pensions

Probably the most important topic to discuss with any doctor at present is their pension position to determine if they have any tax liabilities from exceeding the pension annual allowance. 

This is one of the most complex areas to understand, as often it feels like the tax charge is a penalty for working hard and, for some, this is sadly the case.