There is an Inland revenue scheme called Profit Related Pay which can
allow profit related bonuses be paid tax free. The rules are as arcane
as they come and have been tighten up over the years (to avoid abuse) so
that it is difficult to construct a scheme that works. I can't see
anyway to apply it to a General Practice Partnership, but I'm not an
accountant.
PoritRP schemes need to be agreed with the Inland Revenue before the tax
year in which they will apply. There is no general tax exemption for
PerformanceRP
In article <[log in to unmask]>, Grant Kelly
<[log in to unmask]> writes
>In-Reply-To: <[log in to unmask]>
>David Plews wrote
>
>> Could someone from the GMSC (or anybody) please tell me why I am paying
>> taxon my target income ie smears/child imms?
>> Surely this is PRP? - performance related pay - and therefore is subject
>> (atthe moment) to tax relief.
>
>Before I pass this one on, could somebody please confirm to me that PRP
>is relieved of tax? If so, this is the first I've heard of it.
>
>Grant Kelly
>
Ewan Davis
[log in to unmask] - Bromsgrove, UK
Managing Director AAH Meditel Ltd - Supplier of EMR Systems.
[log in to unmask] Voice +44 (0)1527 579414 Fax +44 (0)1527
837287
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