Accounting

Taxation & Accounting For Medical Professionals

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With doctors working at hospitals, we are familiar with the obstacle of claiming tax refunds, National Insurance contributions and how to keep the tax bill overall to a minimum. Having said this, it is acknowledged that there are differences in tax rules and regulations for personal expenses for salaried doctors and to those who are self-employed consultants. But here is some constructive data and information that you might find useful: Making Tax Digital (MTD) The introduction of Making Tax Digital (MTD) will essentially change the way businesses, the self-employed and the landlords interact with HMRC. The new system is expected to be completed and fully operational by 2020. MTD will require the self-employed (including property landlords) to submit summarised accounting data to HMRC quarterly. In most cases, this will replace the current requirement to file a self-assessment tax return. It has been officially confirmed that businesses, self-employed people and landlords will be required to start using the new digital service from: April 2018 if they have profits chargeable to Income Tax and pay Class 4 National Insurance contributions (NICs) and their turnovers are in excess of the VAT threshold; April 2019 if they have profits chargeable to Income Tax and pay Class 4 NICs and their turnovers are below the VAT threshold; April 2019 if they are registered for and pay VAT; April 2020 if they pay Corporation Tax. Businesses, self-employed people and landlords with a turnover under 10,000 a year will not have to make quarterly updates or keep records electronically. Corporation Tax Self Assessment for private GP Practitioners Corporation Tax typically applies to profits made by limited companies, members’ clubs and to trade and housing associations. Tax Rates: FY 2016: 20% FY 2017: 19% Submissions: The submission must include the company’s Self Assessment return alongside details of any trade and other losses such as capital losses. A company has a right to amend its return, including the Self Assessment within 12 months from the statutory filing date. Keeping Records The background records that must be kept include but are not limited to the following details of the company’s: ‘capital expenditure’ such as the purchase and sale or disposal of company assets, equipment, office furniture and vehicles; liabilities (money it is due to pay people and other businesses); income and expenditure (e.g.: sales and purchases); stock, if any, on hand at the end of each financial year; receipts and expenses; all relevant supporting documentation. Ways in which to keep tax bills to a minimum & better understanding of business expenses Income Tax Income Tax is a tax paid on taxable income received by individuals including: Earnings from employment Earnings from self-employment Pensions income Interest on most savings Dividend income Rental income Trust income For basic rate taxpayers the first 1,000 interest on savings income will be tax-free. For higher rate taxpayers the tax-free personal savings allowance will be 500. Anyone earning over 150,000 will not benefit from the personal savings allowance. Company cars or vans Fuel Medical insurance Living accommodation Low interest loans We are Medical accountants based in Enfield and Barnet. Specialising in accounting and payroll services for GP practitioners, Hospital Doctors and consultants. Preparing Annual accounts, tax refund, outsourcing and more. http://www.onlinecloudaccountants.co.uk

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Robert B. Wilfong

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