Recent Posts by Honey Barrett

IR35 and public sector employment for GP locums

The above phrase is striking fear into the hearts of locum GPs and practice managers. First of all let’s discuss what hasn’t changed Individual locums who are genuinely ‘standing in the shoes’ of a GP absent due to illness, holiday or other leave are normally accepted by HMRC as being self-employed but we cannot guarantee they will continue to…
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Give and take – what locum GPs can claim for tax

It is not easy to decide what is and what isn’t claimable for tax purposes. The tables set out below give an indication, it is not exhaustive and there are always exceptions, so please take professional advice for material amounts. Also, the rules change with case law, as well as with specific statute changes. Join…
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Locuming as a limited company

In recent years we have seen more and 
more GPs set themselves up as 
limited companies without taking advice. I’d like to set out some of the pro’s and con’s so that GPs can make more of an informed decision on this very important matter.Do not just assume that using a limited company will save…
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When ill-health causes 
financial and tax problems

Ill-health can lead to financial stress and disorganisation. Accountant Liz Densley explains how can you minimise this. Before ill-health strikes: Know what sick pay you are entitled to – either from your employer or via your insurances (see Kevin Walker’s detailed article on this topic.) Know what your basic living costs are and try to…
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New tax rules with 2016 budget

The 2016 budget announcement means a few changes that could affect sessional GPs. The headline change announced in the Budget that might affect GPs is the change to the so-called IR35 legislation. This is going to be with effect from April 2017, and is designed to counter the tax advantage gained where someone who would…
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Why do you need 
an accountant?

Do you want to risk getting your tax wrong, and possibly incurring penalties or even getting a criminal record? Or worry about what is due to happen when, what you should be paying and whether that tax demand is correct, or whether you’ve set your business up in the most efficient way? Peace of mind…
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Rental properties – good
news and bad

Many doctors have rental properties – either where original homes have been rented out or as investments in ‘buy to lets’. Recent changes in tax laws have made it more complicated. Starting with the good news: The existing 10% wear and tear allowance on furnished lettings will be replaced by the actual amount spent on…
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Back to basics: tax payment dates

One of the first questions a new GP asks me is How much do I need to save for tax, and When will I need to pay it? As with all things tax related, the answer is not totally straightforward. Where self employed income is the sole source in a tax year, the table below gives…
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Summer 2015 Budget Update

By the time this is published, much will have been written about the planned Budget changes – but here is a brief summary of some of the parts that will affect sessional GPs most. Pension tax relief changes for high earners There will be further restrictions on tax relief on pension contributions, starting when net…
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All change with National Insurance contributions

I have often mentioned the National Insurance contribution (NIC) problems that can arise when a doctor has both a salaried position and freelance work. It applies mainly to locum GPs and consultants with private practice, but it can apply to partners with a salaried appointment too). Up until now you needed to apply for deferment of Class 4 NIC,…
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