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Penalties… ouch!

The tax system is replete with penalties to which you may become liable if you either fail to file or pay late.  As regards income tax, there are also penalties to cover the notification of starting a business, which is very relevant to new locum general practitioners.  You should ensure that you know all of your filing and payment requirements, and the due date for payment. 

If you miss the first income tax return filing deadline, even by one day, you are liable to a £100 penalty.  Leave filing for another three months and the penalty rises by £10 per day up to a maximum of £900.  After six months, a further penalty of £300 or 5% of the tax due, which ever is higher, is added.

The moral of the story is to ensure your accountant advises you, in advance, of all the necessary deadlines! If your Accountant/Tax adviser isn't proactive, then change as it's a straight-forward process. Contact us for a free initial consultation and discover what a medical finance specialist can offer.

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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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