As specialist medical accountants we work closely with consultants to provide effective solutions to their specific accountancy and financial needs.
Our team can:
- Offer guidance surrounding which legal structure is the most tax efficient for your personal circumstances
- Prepare and submit your tax return
- Pension and investment planning
- Accounting & Taxation
We offer a diverse range of accountancy and financial planning services to consultants.
Recurrent annual services
- The preparation of tax returns
- The preparation of private income accounts
- Reviewing National insurance deferral
- Unlimited ongoing telephone support
For your peace of mind and to help you plan ahead we offer a fixed fee for our recurrent services. The package is dependent upon your professional circumstances and existing book keeping procedures.
- VAT planning
- Income references
- Inheritance Tax planning
- Budget and cash flow planning
- Planning for Capital Gains Tax
Fees for non-recurrent services are based purely on time and can be billed as an hourly rate or a set project fee can also be agreed.
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Self-employment offers many benefits. One such advantage is offsetting any professional expenses against your trading profit, which will subsequently reduce your tax bill. However it is vital you understand the guidelines surrounding expense claims.
In the simplest of terms an expense is allowable for tax purposes if it is incurred 'wholly and exclusively for the purposes of the trade'. If an expense is incurred for more than one purpose - for joint personal use for example - a deduction for any identifiable proportion of the expense which is incurred 'wholly and exclusively for the purposes of the trade' is allowable.
Motor expenses can be claimed if a vehicle is used solely for the purposes of business. The expenses have to be apportioned so that only those incurred 'wholly and exclusively for the purposes of the trade' are allowed. Our team can assist you in agreeing what proportion of your travel is for business purposes, which can then be applied to your total expenses for the year.
Expenses that qualify to be claimed include:
- Petrol and oil
- Repairs and servicing
- Road tax
- AA/RAC subscription
- Cleaning and valeting
- Finance interest
In reality there are countless other expenses which could be claimed and we provide all our GP clients with a simple yet detailed checklist and ongoing advice to ensure that all allowable expenses are claimed.
You'll be aware that you are part of the NHS Superannuation Scheme but do you really understand what the scheme will give you when you eventually retire?
Pension planning is often overlooked and left and until retirement is fast approaching. We understand that's partly due to its complex nature as the terminology, methods of calculation and benefit options are often impenetrable when trying to plan for yourself.
Our team can guide you through the process ensuring you understand all it entails and if you require specific financial planning advice, Independent Financial Advisers at our sister company Blackett Walker Ltd can assist and help you to make informed decisions as they are authorised and regulated by the Financial Conduct Authority (FCA).
The UK NHS Pensions Agency offer limited information, which is focused on benefits only payable through the NHS. However, this does not provide a wider industry overview as many GP's make additional pension contributions through 'Added Years' Additional Voluntary Contributions (AVC's) or to external Free Standing arrangements. Some may also contribute to a Personal Pension plan or a Self Invested Personal Pension (SIPP).
Pensions are complex but they don't have to be with the correct support and guidance. We can work with you to establish what you want your pension to deliver and what your basic income requirements are now and in the future.
Most consultants will have two sources of income, an NHS revenue and private practice income.
Both sources are liable to national insurance contributions. However, there is a maximum amount of national insurance contributions, which any individual taxpayer must pay in any year.
We can submit and application for your contributions to be deferred or cancelled in relation to private practice income as you may have paid the maximum national insurance contributions due on your NHS income. However, the deferral option can often be missed by an inexperienced or non-specialist accountant resulting in more national insurance being paid than is due.
What can we do to help?
Firstly we would evaluate exactly what contributions are being paid. If contributions have been over paid in the past, we are then able to reclaim the overpayment.
It's vital you understand which legal structure is the most appropriate for you and the way you trade.
Typically there are four structures to choose from:
- Sole trader
- Limited liability partnership
- Limited company
By selecting the most appropriate legal structure you could achieve the following:
- Divide your income with a spouse or civil partner
- Reduce income tax to 20% or 40% rather than 50%
- Reduce national insurance contributions
- Protect income in a corporate structure where it will be liable for tax at 20% or 40% rather than 50%
However, as a consultant your circumstances may not allow you the freedom to choose your legal structure. Therefore this type of tax planning may not be suitable for you. Nonetheless our experience enables us to work within the constraints of your personal circumstances to develop the best possible solution.
The introduction of the Tax Health Plan has far reaching implications for you.
Protection against the increased frequency and cost of tax enquiries is now essential and as such we offer a service to safeguard consutlants from the potential significant costs of any such investigation. While additional tax liabilities are an issue, equally important are the professional fees, which could be incurred should there be a dispute with the tax authorities. We therefore recommend all our consutlant clients take advantage of our Tax Protection Service, which covers professional fees incurred in handling a dispute with H M Revenue & Customs.
Through an annual subscription the scheme enable us to manage the process effectively on your behalf and removes the risk of any unexpected fees or costs.