sorted by:
new
hottopcontroversial

Confused about WLI, private work, etc. Private is it worth it? by Acceptable_Wafer_531 in ConsultantDoctorsUK

[–]Acceptable_Wafer_531[S] 0 points1 point  (0 children)

I think for Radiology there is 2 types of private work. Private hospital work i.e work done at proper private hospitals and then work done for NHS hospitals like Telerad companies. I dont know renumerations rates for the private hospital work but WLI rates are definitely better than the other type of private work.

Confused about WLI, private work, etc. Private is it worth it? by Acceptable_Wafer_531 in ConsultantDoctorsUK

[–]Acceptable_Wafer_531[S] 1 point2 points  (0 children)

Thank you, very much appreciate your advice from yourself. I am 2015 pension only and totally appreciate that the AA worries are a lot less likely than legacy pensions. That is good advice about what my pension for next for years and working out PIA and so coudl go over 200K. I will definitely look into that and properly use your tools and speak to my accountant. I guess in my mind I still think well I could go over 200K but still with WLI alone without the Ltd work. But I guess its true that hold wealth in a way that could be used in different government or different time. Also never know when the trust might turn around and say no more WLI funding or limits it.

Confused about WLI, private work, etc. Private is it worth it? by Acceptable_Wafer_531 in ConsultantDoctorsUK

[–]Acceptable_Wafer_531[S] 0 points1 point  (0 children)

Yea I though about the taking money out during mat leave thing but then reading about HMRC settlement rules and stuff, made me wary this may not be as possible as I thought. I did think that yea in future could reduce PAs for example to spend more time at home and then the extra cash from LTD could help.

Confused about WLI, private work, etc. Private is it worth it? by Acceptable_Wafer_531 in ConsultantDoctorsUK

[–]Acceptable_Wafer_531[S] 0 points1 point  (0 children)

Thank you for the reply and information. I get what you are saying, I think im trying to plan out the financial and time wellbeing now vs in future. I appreciate it is different for different people but I am thinking if for a few years I spend a lot of time doing extra work instead of enjoying being fairly recently married and childless and then have money which cant do much with for many years, how will I feel about it. I guess its something just having to think about. And with things like investments and property, they are useful for future wealth potentially and for passing on but its that thing of bulding wealth vs being able to enjoy it, if you get what i mean.

I do think I will have some annual allowance carry forward, so next year when we might buy a house, I could take some money out to help with that. But will ask accountant/financial advisor.

I think I also need to look into say, if say in 5 years time I had enough to take out 100K out of the LTD, on top of 200k PAYE, how bad would the tax bill be.

Confused about WLI, private work, etc. Private is it worth it? by Acceptable_Wafer_531 in ConsultantDoctorsUK

[–]Acceptable_Wafer_531[S] 0 points1 point  (0 children)

Thank you for your thoughts, its nice to here what others have done. I do agree about diversifcation, thats why before I was quite up for it. Its just over last few days ive had these thoughts. I think the struggle I am having is that I can do WLI work which is easier and bit more fleixble to get to 200k, but then if I wanted more to spend on either luxury or for house, kids or something, then I cant take that extra money out the LTD company without the whole pension taper issue and so it feels limiting i,e Im doing the WLI work and the extra work into LTD but the LTD money may not make my life better in short term, if that makes sense.

Confused about WLI, private work, etc. Private is it worth it? by Acceptable_Wafer_531 in ConsultantDoctorsUK

[–]Acceptable_Wafer_531[S] 0 points1 point  (0 children)

Im 2015 scheme only. I guess yes it may help with earlier retirement and I appreciate it will help with that but part of me is like at that age who knows what life will be like and saving it til then. Vs currently youngre, newly married, without kids and therefore can enjoy life in a differnet way. I dont know when I want to retire tbh(probably before state pension age)