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…

Super-deduction for tax – the basics you need to know

Doctors Shipleys Tax Advisors

THE GOVERNMENT’S ‘Super-deduction’ tax relief hopes to boost business investment and productivity.

In today’s Shipleys Tax brief we look at the basics of this new temporary deduction regime and why timing and good record-keeping are essential for businesses to take full advantage.

What is the 130% super-deduction?

From 1 April 2021 to 31 March 2023 expenditure on qualifying on “new and unused” plant and machinery will get an enhanced temporary 130% “first-year allowance” for main rate assets, and a 50% first-year allowance for special rate assets. This means for the 130% tax deduction every £1 spend on qualifying items will get you 25p off your corporation tax bill.

What are the conditions?

  • Only plant and machinery qualifying as “main pool” expenditure will be eligible for the 130% super-deduction.  Other plant and machinery qualifying as special rate pool expenditure will be eligible for the 50% “Special Rate” allowance.
  • These new allowances are only available to companies subject to corporation tax (not individuals, partnerships or LLPs) and only where the contract for the plant and machinery (including fixtures installed under a construction contract) was entered into after 3 March 2021.
  • These allowances are uncapped and are in addition to the Annual Investment Allowance (‘AIA’) which is still also available to businesses and groups until 31 December 2021.
  • Second-hand assets, even if expenditure is incurred after 1 April 2021, will be excluded.
  • Plant and machinery expenditure which is incurred under a Hire Purchase or similar contract must meet additional conditions to qualify for the super-deduction and special rate relief.
  • These new allowances do not apply to expenditure on long life assets, cars or for plant and machinery acquired for leasing, including plant and machinery leased with property.
  • Companies using finance/hire-purchase type arrangements to invest in plant and machinery would be able to access the super-deduction, provided payments are being made to acquire the asset and there is an expectation that legal ownership will pass at some point to the lessee on it exercising an option or another event occurring. 
  • Software developed in-house that has been treated as an intangible fixed asset in the accounts could potentially qualify.

What should you do?

The new allowances could provide a big cash flow incentive for investment, if claimed correctly. Given the limited lifespan of the tax break and the timings involved in decisions on expenditure on plant and machinery, businesses should start planning now. If you’re thinking of making any investments in plant and machinery, think about bringing it forward or delaying until after 1 April 2021 to take advantage of this regime.

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.

BUDGET 2021: KEY HIGHLIGHTS

Doctors Shipleys Tax Advisors

AS THE ROLL out of the vaccine continues apace, UK Chancellor Rishi Sunak held back on the promised heavy taxation changes but instead opted for a light touch.

In today’s Shipleys Tax note we look at the highlights and what it means for you.

At a glance Budget 2021 announcements:

  • Furlough extended until September 2021 and extra Self Employment Support grants made available with potentially more qualifying.
  • Personal Allowance frozen for 5 years – this means that for tax years ended 5 April 2022 until 5 April 2026, you will be able to have an annual income of £12,570 before paying any tax, and you will be taxed at the higher 40% rate (32.5% for dividends) once your income exceeds £50,270. This will effectively push more and people into the higher tax rates as earnings increase.
  • Corporation tax increase from 19% to 25% – the 25% rate will apply to companies whose profits are above £250,000. Where a company’s profits falls between £50,000 and £250,000, a (complex) tapering calculation will apply, thereby allowing companies to grow gradually without paying at the top rate.
  • 2 Year “Super Tax Deduction” on business investments – a new “super deduction” of 130% of capital expenditure on new qualifying plant and machinery will apply from 1 April 2021 to 31 March 2023 (when the 25% rate of CT starts). The 130% deduction applies to business assets which would be eligible for the main capital allowances. Businesses which are able to invest heavily in plant and machinery within the next two years will benefit from the business tax cut before the increased corporation tax rate of 25% kicks in. 
  • Extension of losses being carried back against tax – many companies will have made losses during the Covid-19 pandemic, therefore relief is provided for loss-making business to carry back losses by up to 3 years for up to £2m of losses per group in each of the financial years 2020/21 and 2021/22.  This £2m cap applies only to the extended carry back, so there is no change to the unlimited carry back of losses to the previous 12 month accounting period. 
  • Stamp Duty holiday extended – the current Stamp Duty nil rate band of £500,000 for residential property acquisitions in England and Northern Ireland will be extended from 31 March to 30 June 2021, with a reduced nil rate band of £250,000 for acquisitions between 1 July and 30 September, after which it will revert to £125,000.
  • Restart grants – https://www.shipleystax.com/2021/03/restart-new-grants-for-small-businesses/
  • VAT 5% extended for 6 months then 12.5% thereafter – an extension to the temporary 5% rate of VAT until 30 September 2021. A new reduced rate of VAT of 12.5% will then be introduced from 1 October 2021 until 31 March 2022 after which the standard rate of VAT (20%) will apply
  • Freeports – eight new freeport sites have been announced. Expenditure within designated freeports will attract the following reliefs:
  1. Enhanced Structures and Building Allowances at 10% for buildings brought into use by 30 September 2026;
  2. 100% enhanced capital allowances for companies incurring qualifying expenditure on plant and machinery within Freeport sites until 30 September 2026.

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.

RESTART – New grants for small businesses

Doctors Shipleys Tax Advisors

IN THE BUDGET 2021 the Chancellor will unveil £5bn support package to help small businesses stay afloat until restrictions are lifted.

Under the scheme it is thought that non-essential retail businesses will be able to apply for grants of up to £6,000; while pubs, restaurants, hotels and leisure businesses will be able to apply for grants up to the full amount of £18,000.

Where can you get your Restart Grant?

The Restart Grant scheme, administered by local councils, will help most small business owners including those running shops, pubs, clubs, hotels restaurants, gyms and hair salons.

Non-essential retail businesses will get up to £6,000 per premises through the Restart Grant scheme to help them reopen. Shops will reopen no earlier than April 12, according to the Government’s Covid-19 roadmap.

More Restart Grant money will be available for any small business in hospitality, accommodation, leisure, personal care and gyms, which will reopen later and will be more affected by restrictions. They can receive up to £18,000, depending on their rateable value.

The Restart Grant scheme will replace the monthly Local Restrictions Support Grant (Closed) and Local Restrictions Support Grant (Open), which will both close at the end of March.

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.

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Contact us

  • info@shipleystax.com
  • 0114 272 4984
  • 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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