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 £345 + 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…

Autumn Budget Statement 2022

Doctors Shipleys Tax Advisors

THE CHANCELLOR Jeremy Hunt belatedly announced his Autumn Statement today heralding a new phase of austerity and sneaky tax rises.

Here at Shipleys Tax we briefly look at what’s changed… again.

Personal tax

The Chancellor maintained that there were no increases to the headline rates of tax. However, this is somewhat misleading and does not mean that individuals won’t pay more income tax, quite the opposite in fact.

  • The threshold at which the 45% rate of income tax kicks in will be reduced from £150,000 to £125,140 from 6 April 2023.  
  • The personal allowance will remain at the current level until April 2028. As wages are increasing, albeit at a lower rate than inflation, this means that earners will start to pay income tax. The freeze on the 40% tax rate threshold is paid has also been extended by two years to 2028.
  • The tax-free dividend allowance will be cut to £1,000 from April 2023 then to £500 the from April 2024.

National Insurance

The employment allowance will remain at the current level of £5,000. The main NI thresholds will also be held at the current level until April 2028 meaning the amount businesses and individuals pay will increase.

Capital gains tax (CGT)

There is no change to the CGT rates, but the annual exempt amount will be cut from £12,300 to £6,000 from 6 April 2023, and then to £3,000 from April 2024.

Corporate Tax changes  

  • Confirmation of the increase in Corporation Tax to 25% from April 23.
  • The £1 million level of the Annual Investment Allowance is being made permanent.
  • R&D tax reliefs – for expenditure on or after 1‌‌‌ ‌‌April 2023, the SME additional deduction will decrease from 130% to 86%.

Stamp Duty Land Tax (SDLT)

The increase in stamp duty land tax allowances to £250k for residential property will be retained, but only until 31 March 2025.

Company cars

  • Electric vehicles will no longer be exempt from vehicle excise duty from April 2025.
  • First Year Allowance for electric vehicle chargepoints – 100% First Year Allowance for electric vehicle chargepoints will be extended to April 2025.

Other announcements

  • IHT – the nil rate band which is the amount an individual can leave tax free on death, will be frozen at £325,000 for a further two years until 2028. 
  • The energy profits levy will increase to 35% from 25% and extended from four to six years.
  • National living wage to increase to £10.42 per hour from 1 April 2023.
  • Tax avoidance – the government is investing a further £79 million over the next 5 years to increase HMRC’s capacity to tackle serious fraud, and to reduce non-compliance among wealthy taxpayers.

If you are affected by any of the issues above and would like more information, please call 0114 272 4984 or email info@shipleystax.com.

Please note that Shipleys Tax do not give free advice by email or telephone.

Mini-Budget scrapped by new Chancellor

Doctors Shipleys Tax Advisors

THE NEW CHANCELLOR has today scrapped most of the mini-Budget announcements made by his short lived predecessor. What, if any, of the announcements made by Kwasi Kwarteng survived the latest round of U-turns?

In today’s brief Shipleys Tax blog, we look at the latest round of fiscal policy announcements, which may or may not stick around.

What’s left from the mini-Budget 2022

The Chancellor, Jeremy Hunt, announced today that the cutting of the basic rate of income tax (from 20% to 19%) would be postponed indefinitely – at least until “economic conditions allow a reduction”.

This had been rumoured toward the end of last week, but that wasn’t the end of the U-turns. The planned cutting of dividend tax (which was increased in line with National Insurance) has also been scrapped, as has the reversal of the controversial off-payroll working/IR35 rules. The cap on energy bills that was set to last for two years will now, however, be reassessed in April.

What has remained?

The only major measures that remain from the mini-Budget are the changes to National Insurance (1.25% cut retained), increase in the stamp duty land tax allowance, and the permanent increase of the annual investment allowance to £1 million.

More to follow.

Further embarassing U-turns on the Mini-budget 2022

Doctors Shipleys Tax Advisors

THE EMBARASSING farce continues at Westminster with more twist and turns than reality TV. The PM Liz Truss has today overseen more U-turns to her now defunct flagship fiscal policy – the Mini-BUdget 2022.

Here at Shipleys Tax we look at the new merry-go-round of announcements made today. Quite how long these policies will last is anyone’s guess.

NEW Summary Budget measures – 14 October 2022

  • Income tax
    • 45% Additional rate abolished (40% top rate now) SCRAPPED – 45% top tax rate to be reinstated
    • Basic rate cut to 19% (from 20%) – RETAINED FOR NOW
  • NIC – April 2022 increase in NIC reversed from 6 November and Health & Social Care Levy scrapped: RETAINED
  • Corporation tax to remain at 19% – planned 2023 increase to 25% cancelled SCRAPPED – Rise to 25% reinstated
  • Off payroll working/IR35 – previous legislative changes to be repealed from April 2023 – RETAINED
  • Introduction of VAT-free shopping for overseas visitors – RETAINED
  • New “Investment Zones” with enhanced tax reliefs and relaxed planning frameworks – RETAINED
  • Removal of cap on bankers’ bonuses – – RETAINED
  • SEIS and CSOP limits to be increased. EIS and VCT reliefs will be extended beyond 2025 – RETAINED
  • Annual Investment Allowance to stay at £1m for capital allowances – RETAINED
  • No stamp duty on first £250,000, for first time buyers that rises to £425,000 – comes into operation today- RETAINED

All policies subject to change. Further detail to follow.

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  • info@shipleystax.com
  • 0114 272 4984
  • Wharf House, Victoria Quays,
    Wharf Street Sheffield,
    S2 5SY

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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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