What Businesses and Individuals Need to Know From 1 April 2025, a series of tax and regulatory changes come into effect which will have significant implications for individuals, businesses, and investors. Below is an overview of the key updates, along with insights on how they may impact you or your business. Vehicle Excise Duty (Road […]
Introduction IR35 legislation is a crucial consideration for locum doctors working through personal service companies (PSCs) or as independent contractors. Understanding how IR35 affects your tax status and income is essential to ensure compliance with HMRC regulations while optimising earnings. This article explores IR35 rules, their impact on locum doctors, and strategies to manage financial […]
Medical professionals, whether self-employed, running a private practice, or working within the NHS, face unique tax challenges. Here are 10 key ways to avoid common tax mistakes and ensure financial compliance while optimising tax efficiency. Choosing the Wrong Business Structure Deciding between self-employment, a partnership, or a limited company affects your tax liabilities. Incorporation may […]
Superannuation is a key aspect of retirement planning for medical professionals in the UK. For NHS and private practitioners, pension contributions and tax implications can be complex. Understanding how superannuation affects tax liabilities, pension growth, and retirement benefits is crucial to optimising financial planning. NHS Pension Scheme Overview The NHS Pension Scheme is a defined […]
For many businesses in the UK, the decision to purchase a company car involves navigating a complex landscape of tax implications. Both employers and employees need to understand these to manage costs effectively. This blog post explores the key tax considerations associated with buying a company car. Company Car Tax (Benefit-in-Kind – BiK) Employees provided […]
Tax liabilities are based on the amount of profit or gain, which depends on many factors. Tax-saving measures are often hidden in various areas of tax affairs. For example: The structure of the business, property portfolio, strategies, record keeping, and timing of spending. Tax rules are the same for everyone, but tax liabilities are not. […]
How To Maximize Your Earnings And Minimize Your Tax Burden This article is penned from the wealth of experience gathered by Mr Kamlesh Rajput, the founder of Sterling Finance Limited. Over the years, Kamlesh has worked closely with numerous general practitioners, gaining deep insights into the common financial challenges and opportunities to save tax within […]
‘Bed and breakfasting rules’ – Director’s loan account – borrowing, repaying and then borrowing again – ‘arrangements’ Throughout an accounting period, a director will withdraw monies from the company against the director’s loan account (DLA), the withdrawals being satisfied usually by the taking of a salary and/or bonus) and/or dividends (dividends being preferable as no […]
Different ways of deferring CGT by selling or gifting a business asset – hold-over relief, roll-over relief etc. Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) of most assets. However, if the disposal is of ‘business assets’ by a trader (including a personal trading company) then it is […]
The government plans to introduce legislation to regulate umbrella companies to protect workers and clamp down on tax avoidance. The 40-page consultation document published yesterday aimed at providing an ‘up-to-date and well-informed view’ of how umbrellas operate with the aim to develop rules to regulate the market’s practices. It also aims to make sure the […]