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How Doctors Can Minimise Tax When Home Buying
We understand the different types of working arrangements doctors have. You may be self-employed, employed, or in training. Or even a combination of these employment types. It’s important to work with professionals who can guide you onto a clear path through this complex area.
If you’re self-employed, it is ideal to have three years of tax returns available with lots of taxable income shown. However, this can be at odds with what your accountant is trying to achieve. Your accountant will often attempt to reduce your taxable income to minimise tax. It is done through the use of expenses and allowances; however, a mortgage lender will still want to see evidence that you can afford a mortgage. A great mortgage adviser will work closely with your accountant to find the perfect balance between taxable income and demonstrating affordability to the mortgage lender. What this means for you, is that you’re less likely to pay more tax than is necessary!
