Whether you are a locum, a salaried GP or balancing the demands of NHS work as a consultant or surgeon with those of private practice, professional commitments can make it difficult to stay on top of tax and other financial issues. That’s where Haslers can help.
Keeping your tax affairs in order is crucial for HM Revenue & Customs (HMRC) compliance. It also ensures that you maximise both your own personal tax efficiency, including in relation to NHS and private work, and for your practice.
Haslers chartered accountants and business advisers in East London and Essex can provide full support on all aspects of tax compliance, to ensure personal and corporate tax returns are filed and payments made on time.
Alongside our compliance services, we can also assist with comprehensive tax planning advice, for both practices and at a personal level.
For example, if you are investing in equipment for your practice or extending your premises, we can advise on the Annual Investment Allowance that currently provides (until 31 December 2015) 100 per cent relief on up to £500,000 of qualifying expenditure up to £500,000.
The allowances cover plant and machinery – including items such as dental equipment, computers and office furniture – and certain fixtures and integral features in buildings, such as electrical systems, water systems and lifts.
We can also advise on issues such as capital gains tax on practice sales and tax-efficient remuneration appropriate for your business structure and have particular expertise in VAT, both to maximise VAT efficiency on an ongoing basis and for specific projects.
In personal tax matters, we can assist with issues including accounting for different sources such as salaried work and income arising from private patients and expenses.
We can also advise on pensions, including the tax implications of the annual and lifetime allowance, and in longer term planning to maximise inheritance tax efficiency.
To find out more about Haslers’ East London and Essex-based chartered accountancy, tax and business advisory services for doctors, or to arrange a free financial health check, please contact us.