I have recently taken on two new clients, husband and wife. Both are doctors.
Wife is an employee at a local NHS hospital earning salary well below the basic rate maximum and with insignificant savings and dividend income.
Husband is a professor at a local university paying additional rate tax against that salary. For many years he has had a private practice at a local private hospital. Those fees have been declining for a few years but are still significant. He has a small amount of savings income.
As far as I can see, I could suggest a partnership or incorporation with the latter being my preference as it will afford me more flexibility as to use and distribution of profits. My questions are:
1. Will the Royal College of which he is a member accept either change of status?
2. Will that create a problem with his Medical Protection Society cover?
I appreciate that the better home for these questions may well be the Royal College and the MPS but if any members have any experiences that they are able to share with me first then I will be very grateful. Thank you in advance!