There have been many stories in the press about GPs and senior hospital doctors refusing to take on extra shifts and additional responsibilities due to the additional tax they are required to pay on the extra pension contributions paid by the NHS. A number of solutions have been put forward.
There are now strong rumours that the tapering of the annual pension allowance for those with income over £150,000 may be abolished or amended for all taxpayers, not just those working in the NHS.
Listen out for a possible announcement in the Spring Budget, together with other changes to pension tax relief.
As always, our business and tax experts at Beavis Morgan will be on hand to provide commentary and a summary of the key tax changes and what they mean for you and your business.
If you have any concerns or queries relating to the announcements made within the Budget, our tax experts are available to guide you through the tax maze and help you with bespoke solutions to ensure that you and your business are as tax efficient as possible.
For further information, please contact your usual Beavis Morgan Partner.