A UK doctor explains how they structure their limited company to claim education and professional development as business expenses, keeping their adjusted net income below £60,000 to avoid the child benefit charge. Ndubuisi Egwim notes the Tax Hack Workshop covers these strategies in depth.
I was able to drop my sessions. Yeah, I don't even— I'm not even hitting the $60,000. So your adjusted net income is below $60K, which qualifies you to avoid high income child benefit. Child benefit tax. That is tax planning here. Yes. So I've tried to optimize it in terms of what I'm doing with the company, which I will not share a lot.
We can discuss that in the next Tax Hack Workshop or in the community. Yeah, but the fact is that if we went through all you can do with your limited company, we'll be here for another 4 hours because the last Tax Hack Workshop, we were there for like 3 and a half hours, right? Yeah. Okay.
For instance, my education is coming from the company as an expense. Uh, two main educational things I've done in the last few months— Wow. The Mastermind, of course, costs some money. Yeah, which I'm happy that I've gotten far more than that value. Yeah, hopefully.
10x, 10 times what you pay.
Yeah, uh, it's quite empowering. Yes. Of course, uh, professional development as well, uh, which has come in from that. So all of those are part of, uh, tax efficiency strategy, uh, I'm employing. I do believe that, um, if I'm not under the light, I may be able to list out, uh, a number of, uh, tax efficient, uh, system I have put in place.
Okay, okay. Of course, these are all legitimate, but you share what you're comfortable with, which is the important thing.
