Recent Posts by Honey Barrett

Computer says no – GP locum mortgages

After a flood of clients taking out or renewing mortgages recently, Liz Densley explains some simple steps you can take to make sure you get a the house you want. Lenders are very much working on ‘computer says no’ basis, rather than human interaction being able to be used to make a decision. So what…
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Start planning now for 
next year’s tax

It’s not long until the end of the tax year - what should you be thinking about? Have you used your full ISA allowance? Are you or your spouse wasting any of your personal allowance? If you are a basic rate taxpayer and your spouse is not using their personal allowance, you may be able…
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Sort your tax in time for Christmas

Before you spend all your savings on Christmas, do you know what tax you are going to have to pay in January? If you haven’t completed your return yet, you’re running out of time! If you’ve already completed your tax return, then you’ll know that you need to pay: The total 2016-17 liability – less…
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To sell a house

Capital gains tax can cast a shadow over selling your house, but there may be a silver lining to this particular cloud. We’ve recently come across several situations where a GP originally bought a home to live in, moved away for work, rented it and subsequently sold it – often at a substantial profit. Will…
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Where the nhs pension 
scheme gets really complicated

Liz Densley describes the complications and pitfalls of keeping accurate records regarding the NHS pension scheme. Problem area We’re now well into the season of preparing accounts and tax returns for GPs with self employed income, and by far the biggest problem area is (unsurprisingly) pension contributions. We are finding more and more that not…
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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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