In recent years there has been a substantial increase in the proportion of independent practices being run as limited companies. Many of these practices started life as the self-employed vehicle of the owner and when the practice accounts were prepared each year, tax and national insurance was payable on all of the profits generated. This meant that the vast majority of the profits were being taxed at the higher rate of tax of 40 per cent, with no tax planning strategies to reduce this figure if the owner wanted to re-invest his profits and build up the practice in the future.
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