Clear and hassle-free advice for GPs

Doctors

Clear and hassle-free advice for GPs

Shipleys have been using their specialist knowledge in the healthcare sector for over 10 years. We act for GPs practices of all sizes from small single handed practices to larger partnerships and corporates, as well as Pharmacy linked GP practices, health clinics and consultants.

The health industry has seen a surge in growth in recent years, achieved against a back drop of challenges from fundamental reforms to the NHS. GPs need to be proactive with their business model and look to provide more of the advanced and enhanced services on top of essential services to maintain incomes and profitability.

Sections


GPs Principals and Practices

At Shipleys Tax we understand the specific needs of general practices and the partners involved. Fundamental reforms to the NHS mean GP practices need to continuously re-position themselves under the new system and be able to devote maximum time to administration of patient care. This is where our team can help by providing specialist knowledge on streamlining accounting and tax matters leaving GPs to concentrate on patient care.

Why do you need a specialist GP accountant?

• Knowledge of NHS general practice and the expert advice we provide can be instrumental
• Understanding how practices are funded (from global sum to QOFs ).
• Be familiar with the GP contract reforms, GMS statement of financial entitlements, PMS contracts and the NHS pension scheme.
• Be up to speed on practice based commissioning (PBC), APMS contracts and the developing primary care market.
• Deal competently and promptly with all taxation matters and with GPs’ superannuation.

Why us?

We aim to do more than produce the annual accounts and handle the partners’ tax affairs.

Personal service – you will deal with one particular partner and their same support team and not be passed around

Timely – the annual accounts will be prepared to agreed time scales and we will visit the practice to discuss

Prompt – we will deal promptly with routine queries, telephone calls and emails and advise on bookkeeping, cash flow and monitoring partners’ drawings without making additional charges.

Tax planning – we will discuss ways to minimise your overall tax liability and spot opportunities.

We have nationwide coverage and are happy to come and visit you.

Cost

What our basic annual fee covers:
• Annual accounts preparation.
• Meeting GPs to discuss draft accounts.
• Partnership tax return and tax computation..
• Advising on projected profits and tax liability.
• Dispensary accounts.
• Partners’ personal tax returns.
• GP certificate of NHS pensionable income.
• Ad hoc email and telephone queries
• Opportunities for tax planning for both business and personal affairs

We also advise on:

• VAT accounting.
• Setting up a limited company for non-NHS or locum income.
• Setting up a limited company social enterprise for PBC/APMS purposes.
• Handling HM Revenue & Customs’ investigation into the practice.
• Payroll
• NHS superannuation
• Specific tax planning strategies for reducing IHT, CGT and Stamp Duty


GP Locums, Registrars and Consultants

We have acted for GP Locums, Consultants and Registrars for many years and understand the needs of the medical profession.

As a GP Locum, Registrar or consultant you have very specific accounting and tax needs which may not necessarily be appreciated by a non specialist advisor.
What does the service include?

• Advising on employed vs self employed status and NIC implications
• Proactive advice on tax allowable business expenses, professional subscriptions and general tax planning for locums
• Advice on employing a spouse
• Preparation of annual Accounts and tax returns for HMRC
• Ad hoc telephone and email advice

As well as providing accounting and income tax advice we can also advise on the following areas:

• Incorporation of your business via a limited company
• Advice on tax treatment of superannuation
• Advice on completing superannuation certificates (GP solo, Forms A&B)
• Inheritance tax planning
• Property tax planning

We have nationwide coverage and act for GP Locums, Registrars and Consultants clients based throughout the UK.

Why us?

• Save you money – proactive services ensuring you are aware of tax savings
• Knowledge you can rely on – we have a wealth of tax expertise in the healthcare sector
• Planning – ensuring you are aware of tax liabilities and payment dates enabling you to plan your cashflow
• Peace of mind – we have many years of experience in dealing with the tax affairs of medical and hospital consultants
• Help you minimising risk of HMRC enquiry

Our fees start at £295 + VAT


Tax Planning for Doctors

Tax law never stands still and goal posts are always moving. It is crucial that you have the right adviser to guide you through the maze and help reduce your tax bill through legitimate and transparent means.

Shipleys Tax has a number of specialist tax advisers with wealth of experience in the medical sector who can talk to you about the many tax saving opportunities.

We always say the best tax planning is done before a major event in the business so seek advice early on in the lifecycle of a transaction. Some areas to consider:

• Buying or Selling a GP practice property – huge tax saving opportunities both personal and corporation tax (NB: patient lists cannot be sold)
• GP linked pharmacies – most tax efficient trading structures
• Reduce inheritance tax on death
• Reduce stamp duty land tax on buying
• Offshore tax planning advice for certain businesses
• Provide property development strategies
• Use of EIS/SEIS and corporate venture vehicles
• Use of LLPs and corporate partnerships
• Asset protection and preservation of wealth
• Estate planning and succession

Latest news & blogs…

Further inheritance tax rule changes on Non-Doms

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HMRC has published further details of its proposals to amend the inheritance tax rules for non-domiciled individuals.

The changes were initially announced at the 2015 Summer Budget which were aimed at preventing non-doms from escaping a UK inheritance tax (IHT) charge on UK residential property through use of an offshore structure, and thereby bringing to an end the permanent non-dom status for tax purposes.

The consultation document suggests that individuals who are non-domiciled in the UK currently enjoy a significant advantage over other individuals for IHT purposes. UK-domiciled individuals are liable to IHT on their worldwide property, whereas non-doms are only liable on property that is situated in the UK.

Any residential property in the UK owned by a non-dom directly is within the charge of the IHT. However, a common loophole is for such individuals to hold UK residential properties through an overseas company or similar vehicle. In such a case, the property of the individual consists of overseas shares which will be situated outside the UK and are thus excluded from IHT.

In an effort to curb such structures HMRC plans to bring residential properties in the UK within the charge to IHT where they are held within an overseas structure. This charge will apply both to individuals who are domiciled outside the UK and to trusts with settlors or beneficiaries who are non-domiciled. The changes will come into effect from 6 April 2017.

Shares in offshore close companies and similar entities will no longer be deemed excluded property if, and to the extent that, the value of any interest in the entity is derived, directly or indirectly, from residential property in the UK. Where a non-dom is a member of an overseas partnership that holds a residential property in the UK, such properties will no longer be treated as excluded property for IHT purposes.

The consultation will close on October 20. The effect of these proposals will mean structures set up to mitigate IHT will now need to be reviewed in light of the above and specialist tax advice sought.

Higher tax rates for landlords?

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What’s happening?

Upcoming changes to tax relief for landlords may result in them paying higher rates of tax as HMRC publishes guidance on how the interest relief restrictions would work.

We saw the changes announced in the summer budget of 2015 and HMRC have now published further guidance. The rules looks to restrict the interest relief a residential landlord can claim to calculate their income tax liability. The restriction is being phased in over four years with interest being restricted by 25% in each year until it takes full effect in April 2020.

How could landlords be affected?

Currently, landlords of residential properties can deduct all interest from rental income to calculate taxable rental profit. When the new measures take full effect, the interest will be completely disallowed and instead a tax credit equal to 20% of the interest will be given against the person’s income tax liability.

 This could result in the individual having higher taxable income which could push them into a “higher” or “additional rate” of income tax. Furthermore, if individuals’ income exceeds £100,000 it could start to reduce their personal allowance, affect their entitlement to child benefit and restrict the amount on which they can claim tax relief for pensions.

 What can you do?

These measures are controversial to say the least and a judicial review by a coalition of private landlords is currently in progress.

In meantime, Shipleys Tax strongly recommends seeking professional advice to help mitigate the effects of the changes above and take action to manage your property portfolio tax efficiently a there currently a few solutions available. 

It’s here! Shipleys Tax welcomes launch of NEW website

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We are delighted to share with you our newly redesigned website, with a bold new look and enhanced navigation experience, and plenty of tax saving information!

To start, we’ve streamed lined our menus to give you quick access to the items you’re looking for. We’ve consolidated information on our organisation, our work and our commitment to offering the best tax planning services for your needs.

We invite you to start exploring:

  • Tax solutions
  • Accountancy for Doctors, Dentists and other professionals as well as Property Dealers
  • Tax Investigation management now includes extended information and VAT enquiries
  • New Family Business section offering valuable Tax Tips

We will be rolling out new pages and functionality over the coming months, and hope that you enjoy visiting our new website. We have tried to make all previous links active and point to the equivalent or relevant information. However, due to the significant changes in the website architecture, we know there may be digital hiccups and you may experience virtual road blocks along the way. This is where we need your help to iron out any bugs.

Please email us at comments@shipleystax.com if you see a broken link or feel that something should be reviewed or enhanced. We will do our best to enhance your information experience.

Going forward, we promise to continually expand our online content and keep you updated with the latest information on tax planning. So check back often, and connect with us on your social network.

Thanks

Shipleys Tax Team

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Contact us

  • info@shipleystax.com
  • 0114 275 6292
  • Wharf House, Victoria Quays,
    Wharf Street Sheffield,
    S2 5SY

Contact Shipleys today

Want to know how Shipleys can help you with practical tax planning through innovative ideas? Let’s talk. Call or email us directly and a member of our team will be in touch within 48 hours.

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