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Current Tax Tips by Peter Waller

Personal Tax Allowance
The full personal allowance is only available where net income is below £100,000. Once income exceeds £118,880 then your personal tax allowance is lost completely. It is obvious to try and ensure that you avoid this narrow band if at all possible.

Personal Expenses
This is a somewhat emotive subject but it must be stressed that a record of the correct details should be kept each year. There are more incidences of HMRC challenging expenses and you should therefore seek professional advice on this issue. (Our personal expenses checklist guide is available upon request)

Are your assets held efficiently?
If you are in receipt of other, non-medical income, such as income from property, are these assets owned by the correct spouse from an income tax point of view. Similarly, could such assets be pleased in a more efficient manner from both an inheritance tax and capital
gains tax perspective? The individual circumstances of each spouse could provide a solution.

Capital Allowances
The annual investment allowance of 100% is now available on the initial £250,000 of capital expenditure. For cars with low emissions, 95 grams per km, there is a similar 100% first year allowance. However this is restricted by any private use element.

ISA's
For 2013/14, the maximum that a person can invest is £11,520 including a cash maximum of £5,760. For Junior ISA's the invested funds remain locked until the child becomes 18. However both parents and other relations can pay funds into such ISA's.  The limit for 2013/14 is £3,720

National Insurance Contributions
If you hold an officer post in addition to your practice profits ensure that any overpaid National Insurance Contributions are reclaimed.

Gift Aid Donations
Ensure that higher rate tax relief is obtained on your donations, under gift aid, to charities.

Falling Profits
Many G.P's are experiencing a fall in profits. It may well be correct to apply for a reduction in your payments on account of tax; however you must liaise with your accountant before doing so. Other factors will have a bearing on matters, an example being possible reduced superannuation contributions.

Saving for Tax
An average G.P. will be required to save approximately one third of their profit share for both income tax and Class for National Insurance Contributions. Please ensure that such savings are made and obtain as much advance warning of liabilities from your accountant.

Pension Tax
Perhaps the least known, but now highly pertinent tax in the current climate. A G.P. should obtain an NHS Pension Forecast so that an assessment can be made as regards the possibility of exceeding the 'annual allowance' or 'lifetime' allowance'.  Specialist independent advice should be taken to review the possible options in order to reduce any such taxes. Your financial adviser must be authorised and regulated by the Financial Conduct Authority to give such advice. (Kevin Walker, our NHS Pension expert is authorised and as an independent financial adviser he will be able to talk you through the options so you can make informed decisions. Contact us if you wish to speak to him or a member of our team)

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  • BW Medical Accountants have a good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.  We have been very impressed by the way BW Medical continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice. 

    We have found Practice consultation and engagement from BW Medical specifically helpful to shape the future of the Practice.

    GP Partner
    GP Practice, Newcastle
  • We had no hesitation in moving to BW Medical Accountants.  For any business your accountant is integral, and for us one of the most important factors to this relationship is to have a personal and trusting approach, which BW have undoubtedly achieved. 

    The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us.  More importantly they are always helpful and polite to answer even the dumbest of questions!  They give us confidence and reassurance knowing that they are always very up-to-date with all the numerous changes within general practice and we would have no hesitation in recommending them to other practices seeking a professional and personal accountancy service.

    Jackie Rotherham, Practice Manager
    The James Street Family Practice, Lincolnshire
  • We changed to BW Medical Accountants and I would say we have just had the most transparent and understandable end of year meeting and the best planning advice I have ever had in 16 years of practice.

    GP Partner
    Cumbria

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