It is common for consultant to derive income from at least two sources – their NHS work, and their private practice.
Both sources are liable to National Insurance contributions, but there is a maximum amount of NI contributions which any individual tax payer has to pay in any year.
It is possible to apply to have the NI contributions on private practice income cancelled or ‘deferred,’ as a consultant will normally have paid the maximum national insurance contributions due on their NHS salary alone.
However, if this is not done by a consultant’s financial advisers, as can sometimes be the case, the consultant could end up paying hundreds or even thousands of pounds more National Insurance than is due.
Our experienced team are able to review what NI payments have been made in the past, identify whether any overpayments have been made and reclaim these sums, which can total hundreds, or even thousands of pounds.