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Financial Planning. Calderdale Royal Hospital Ian Simmonds Director, Medical Services [email protected] Richard Apps Director, Medical Services [email protected] Financial planning . Self employed tax and national insurance Expense claims GP Partners

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financial planning

Financial Planning

Calderdale Royal Hospital

Ian Simmonds Director, Medical Services

[email protected]

Richard Apps Director, Medical Services

[email protected]

financial planning2
Financial planning
  • Self employed tax and national insurance
  • Expense claims
  • GP Partners
  • NHS Pension Scheme
  • Our clients
  • RSM Tenon medical services
self employed tax national insurance
Self Employed Tax & National Insurance
  • Register with HMRC (Fine system)
  • Decide on accounting period end
  • National Insurance Contributions (NIC)
    • Class 1
    • Class 2 (NICO)
    • Class 4
  • Income tax under self assessment
self employed tax national insurance4
Self Employed Tax & National Insurance
  • Tax Return
    • 2010/2011 covers 6 April 2010 to 5 April 2011
    • Filing deadlines
      • On line 31 January 2012
      • Paper 30 September 2011
  • Tax payments – the nasty bit !
    • 31 January and 31 July (poa)
    • Good cashflow initially
  • Mechanics
self employed tax national insurance5
Self Employed Tax & National Insurance

Tax Savings

  • A set proportion of net income – 1/3 as a guide
  • Choices
    • Own bank account
    • Spouse bank account
    • Offset mortgage
    • Others – e.g. ISA’s/Premium Bonds
  • Please note self employed earnings should be declared when work undertaken rather than when monies received
self employed tax national insurance6
Self Employed Tax & National Insurance

Tax Payments

e.g. commence as a locum in February 2011

    • Taxable 2010/2011 locum earnings of £10k
    • Taxable 2011/2012 locum earnings of £60k
    • Taxable 2012/2013 locum earnings of £80k
    • Assume all tax payable at 40%
  • 2010/2011 10,000 @ 40%

31 January 2012 4,000

31 July 2012 --

self employed tax national insurance7
Self Employed Tax & National Insurance

Tax Payments

  • 2011/2012 60,000 @ 40%

31 January 2013 Bal 24,000

31 January 2013 POA 12,000

36,000

31 July 2013 POA 12,000

  • 2012/2013 80,000 @ 40%

31 January 2014 32,000

Less: POA (24,000)

8,000

2013/2014 First POA 16,000

£24,000

31 July 2014 POA 16,000

claiming for expenses
Claiming for Expenses
  • Superannuation contributions – more later
  • Professional indemnity insurance & subscriptions
  • Car
    • Home is base for locums
    • Mileage log for business journeys
    • Fixed rate claim (if income < VAT threshold)
    • Business use proportion
    • Surgery is base for Partners
  • General use of home as office (HMRC Amnesty)
claiming for expenses9
Claiming for Expenses
  • Others
    • Mobile telephone
    • Internet
    • Courses & training
    • Postage & stationery
    • Computer equipment
    • Medical consumables
    • Spouse salary
    • Others
claiming for expenses10
Claiming for Expenses
  • Record Keeping
    • Ease of identification
    • Dedicated bank account (spare)
    • Business credit card
    • Retention of records for ~ 7 years
    • Tax return details
      • Income taxed at source
      • Investment income
      • Personal pension contributions
      • Buy to let properties
      • Share dealing
gp partners
GP Partners
  • Types
    • Salaried
    • Fixed share
    • Equity (possible parity build up)
  • Responsibility for tax – draw gross or net
  • Accounting year end varies
  • Surgery ownership
    • Notional Rent
    • Loans
  • Partnership agreement
  • Current/capital accounts (cashflow funding)
nhs pension scheme the practicalities
NHS Pension SchemeThe Practicalities
  • Superannuation Rates
  • Employers 14% (Locum paid by host PCT)
  • Employees 5%, 6.5%, 7.5% or 8.5% (Paid by Locum)
  • GP Locum Forms (A & B)
  • GMS, PMS & APMS
  • GP principal annual pension certificate
  • GP solo - non practice earnings and OOH’s
nhs pension scheme the practicalities continued
NHS Pension SchemeThe Practicalities - continued
  • Officer scheme – Final Salary
  • Practitioner scheme – Dynamised career average earnings
  • Locum companies
  • Tax relief on GP pensions
  • Salaried GP Type Two Certificate
engaging an accountant
Engaging an Accountant
  • Background details
  • Money laundering checks
  • Hold a meeting
  • HMRC 64-8
  • Letter of Engagement
  • System of checklists
  • Bookkeeping requirements
  • Regular communication – tax due dates
  • Likely cost – Locum and Salaried GP (tax relief)
rsm tenon medical services
RSM Tenon medical services
  • RSM Tenon acts for over 400 GP practices nationwide
  • Local Yorkshire and North West team of medical specialists
  • Annual performance review
  • Fixed fees agreed in advance
  • Regular meetings to discuss and resolve current issues
  • Unlimited telephone support
  • No obligation initial meeting
slide16

Financial Planning

Calderdale Royal Hospital

Ian Simmonds Director, Medical Services

[email protected]

Tel: 01257 518081

Richard Apps Director, Medical Services

[email protected]

Tel: 0113 2445451

Sean McLernon Director, Medical Services

[email protected]

Tel: 01706 355505

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