The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
When considering a GP’s or GDP’s income, it should be appreciated that their income may be made of different types of earnings. In addition to this, within each self-employment or employment, they may have income determined with reference to various entitlements or expenses.
This is perhaps more important to consider when communicating with a client as they may fail to see the relevance of a distinction between items, or see relevance where there is none. HMRC has been responsible for a number of ‘civil investigations’ against medical professionals, after its intelligence suggested widespread abuse of tax legislation by the profession as a whole. Many of these investigations arose from the Tax Health Plan (THP) disclosure scheme that ran until 2010, and HMRC continues to be especially vigilant where the medical profession is concerned.
Earnings received by a doctor or dentist may include any of the following:
salary received from the NHS
expenses in connection with an employment with the NHS
self-employed income from the NHS on the basis of the relevant statement of financial entitlement
payment from the NHS relating to rent for use of home or provision of a surgery
self-employed income from private patients
cremation fees. This is a fee paid by a crematorium for certification allowing for them to dispose of a body.
improvement grants for development of premises
This list is by no means exhaustive and employments, or ‘appointments’ within the NHS, may take many forms. This note focuses primarily on types of income for services, whether that income is treated for tax purposes as employment income or income from a profession or vocation.
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
IntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel. See the Travel expenses guidance note for more information of when
The majority of state benefits (also called social security benefits) are managed by the Department of Work and Pensions (DWP) via the Jobcentre Plus.Some benefits are dependent on a national insurance contribution record (and different classes of national insurance provide different benefit
Duty to prepare trust accountsUnder the laws of England and Wales, trustees have a duty to account to the beneficiaries for their financial administration of the trust fund. This duty is established by a substantial body of case law. In the case of Armitage v Nurse, Millett LJ stated:“Every
This guidance note provides an overview of the steps businesses need to take if aspects of their business change, and as a result, they need to notify HMRC about the change.Changes to name and / or addressIf a business changes its name and / or its address then it is required to notify HMRC of the
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.