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Accounting for doctors and GP's: Basic advice & guidance
Home Finance Tax
By: Cathy Lawrence Email Article
Word Count: 443 Digg it | Del.icio.us it | Google it | StumbleUpon it

  

As a GP Practitioner, Consultant or a Hospital doctor you most presumably are aware of the complexion and strain of accounting responsibilities at the end of each & quarter of a very exhausting year, particularly in this field.

With doctors working at hospitals, we are familiar with the obstacle of claiming tax refunds, National Insurance contributions and how to keep the tax bill overall to a minimum.
Having said this, it is acknowledged that there are differences in tax rules and regulations for personal expenses for salaried doctors and to those who are self-employed consultants. But here is some constructive data and information that you might find useful:

Corporation Tax Self Assessment for private GP Practitioners
Corporation Tax typically applies to profits made by limited companies, members’ clubs and to trade and housing associations.
Tax Rates:
FY 2016: 20% FY 2017: 19%

Submissions:
The submission must include the company’s Self Assessment return alongside details of any trade and other losses such as capital losses.
A company has a right to amend its return, including the Self Assessment within 12 months from the statutory filing date.

Keeping Records
The background records that must be kept include but are not limited to the following details of the company’s:
'capital expenditure' such as the purchase and sale or disposal of company assets, equipment, office furniture and vehicles;
liabilities (money it is due to pay people and other businesses);
income and expenditure (e.g.: sales and purchases);
stock, if any, on hand at the end of each financial year;
receipts and expenses;
all relevant supporting documentation.

Ways in which to keep tax bills to a minimum & better understanding of business expenses

Income Tax
Income Tax is a tax paid on taxable income received by individuals including:
Earnings from employment
Earnings from self-employment
Pensions income
Interest on most savings
Dividend income
Rental income
Trust income

For basic rate taxpayers the first £1,000 interest on savings income will be tax-free. For higher rate taxpayers the tax-free personal savings allowance will be £500. Anyone earning over £150,000 will not benefit from the personal savings allowance.

Company cars or vans,
Fuel,
Medical insurance,
Living accommodation,
Low interest loans

We are Medical accountants based in Enfield and Barnet. Specialising in accounting and payroll services for GP practitioners, Hospital Doctors and consultants. Preparing Annual accounts, tax refund, outsourcing and more.

We are qualified and experienced medic accountants and business advisors who have been in general practice for over 20 years having helped medic & dentist clients in meeting their aims of maximizing profits and both retaining and building on the rewards of their hard work. https://www.medicaccountants.co.uk/

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