Legal Tax reduction

[krishijones]

I’m a doctor based in the UK, and have income from usual job in NHS + rental properties + private medical services. Annual pre-tax is around £93k currently (£60k NHS + £20k Private + £13k rental).
I have just started these extra income, so really wanted to figure out if there was any way of saving on tax?
Would getting paid into a bank account offshore be cheaper? I obviously don’t want to move out from the UK. Any advice around this would be massively helpful please. Thanks.

 

[Sols]

Getting paid into an offshore account would come with big cost savings. Once you go to jail for tax evasion, you won't have to worry about rent or groceries for years.

No, there is nothing you can do to lower your tax burden by diverting payments offshore.

Speak with a local tax adviser and look into ways to optimize within UK, such as deductions, incentives, operating under a company instead of personally, and other methods.

 

[manukahoney]

Unless you are non-dom there is little you can do.

 

[Barney2201]

They only real solution is to move to a tax beneficial country.

Become a doctor in the Channel Islands or Isle of Man and then you can start looking at tax savings (both personal and corporate)

 

[newNomad]

I’m a doctor based in the UK, and have income from usual job in NHS + rental properties + private medical services. Annual pre-tax is around £93k currently (£60k NHS + £20k Private + £13k rental).
I have just started these extra income, so really wanted to figure out if there was any way of saving on tax?
Would getting paid into a bank account offshore be cheaper? I obviously don’t want to move out from the UK. Any advice around this would be massively helpful please. Thanks.

Though one, nothing to do since the patients would certainly be uncomfortable paying to your Dubai or Cayman or whatever account. So anything paid over GB iban needs be declared. Insist or offer small incentives for cash payment and then stash it or use it simply for everyday expenses and save all the salary. Anyway you earn only 20k extra, in a year, equivalent of a couple of nice dinners + bottle service for a weekend, so I don't think nobody's gonna care...hell it's like 0.02M in a YEAR,...are those just tips or real fees? lol