You will have received a “special message” with your NHS Schedules on 1 November with regard to incorporated performers.
This consummates what we have been saying for some time, in that incorporation calls into jeopardy the ability to be part of the superannuation scheme. The tax benefits of incorporation, which in many cases are “apparent” only are far outweighed in many cases by the loss of the superannuation benefits, and incorporation is much easier to get in to then it is to get out.
Check out an article we wrote a couple of years ago by Googling “Don’t make your Accountant rich” which has attained something of a cult following nationally. There are many clinicians out there who unfortunately are about to have the sentiments in the article proved to them.
If you have been caught as an incorporated performer through non-specialist advice, then you are very likely to need more than a bit of elastoplast. Disentangling from an unwanted incorporation carries its own complexities, and just as with the incorporation decision, it needs planning and thinking through to avoid jumping from the frying pan into the fire. Our team at Minford can advise, with a specialist eye to the consequences which someone without our experience in the industry may not even be aware.