Our specialist knowledge and understanding of the medical industry enables us to work closely with hospital doctors to simplify the accountancy process and provide an effective solution to their specific financial needs
Our team can:
- Advise and manage tax refunds on professional fees and subscriptions
- Prepare and submit your tax return
- Ensure your tax code is correct and manage your affairs with HMRC
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We offer a diverse range of accountancy and financial planning services to hospital doctors.
- Recurrent annual services
- The preparation of tax returns
- Agreeing tax refunds with HMRC
- Claim submissions for professional fees and subscriptions
- 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.
- Advising on property acquisitions
- Inheritance Tax planning
- Financial and book keeping software training such as Sage
- 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.
Tax rules governing personal expenses for hospital doctors are strict and must be closely adhered to. 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.
As an employee you can claim motor expenses using the fixed profit car scheme, which allows a claim of 45p per business mile for the first 10,000 miles then 25p for each additional mile, and you must be able to support the number of business miles claimed.
Any medical equipment purchased is deductible if it is intended to be used 'wholly, necessarily and exclusively' in the performance of the duties of your employment. However there are some exceptions to this rule and we can advise you accordingly. There are countless other expenses which could be claimed such as professional subscription and education course fess, and we provide all our GP clients with a simple yet detailed checklist and ongoing advice to ensure all allowable expenses are claimed.
Expense Claims in the Early Years
Many hospital doctors may not have completed a tax return or claimed a tax rebate in respect of professional fees and subscriptions incurred during their training. In many cases a significant tax rebate is often due and it is possible to make a claim up to four years in arrears. We can assist you by assessing which expenses are tax deductible before advising as to how best to claim the tax rebate.
Tax overpayments are a common issue faced by many hospital doctors if their tax code is incorrect which is often the case if a doctor has more than one source of income or has not accounted properly for personal expenses.
Whatever the reason for the incorrect code, we are able to check the code at any time during the year before ensuring the correct tax code is issued. You then have full peace of mind that there are no unexpected costs at the end of each financial year.
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 Agencies 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.
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 GP's 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 GP 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.