Accountancy

Tax FAQs for salaried GPs and GP locums

Let’s have a look at a selection of questions we’ve been asked in the last few weeks: Can you send me proof of earnings for my mortgage? Simple question, not necessarily a simple answer! If we have prepared your tax return for at least the last three years, we can produce a copy of the…
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Confused by Type-2 Self-Assessment forms?

With the deadline for completion of Type 2 certificates by the end of February, we thought we’d cover some of the questions we’ve been asked recently. Why do we have to fill in a form? The intention of the certificate is to check that the right tier rate has been applied and to provide a…
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Registering as self-employed

Who these days doesn’t have a portfolio career? Even if you’re not technically locuming at the moment, it’s pretty likely there will be opportunities over the coming months when you’ll be offered work outside your existing PAYE arrangements. Running your business arrangements is not as simple as PAYE for salaried staff – you are still…
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Is my pay all going on income tax?

Liz Densley is often get asked ‘Is it worth working harder and earning more? Or am I paying it all in income tax?’ Here she explains a better balance. There are certain ‘crunch points’ at income levels where it can make a material difference, depending on various circumstances, to different types of tax liabilities. There…
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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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