Medical
We offer specialist and practical
tax advice to doctors and consultants.
Medical Accountants.
At AF Tax Solutions we provide high-quality services as medical accountants.
Andrew Fenton is a former Inspector of Taxes and has worked for 10 years in private practice. He offers specialist advice to doctors and consultants to minimise their tax liabilities and reduce the risk of HMRC enquiries.
Andrew regularly lectures at hospitals, offering specialist and practical tax advice to busy doctors and consultants. Main areas of advice include:
- Assistance with preparation of financial accounts and tax returns Specialist advice on expenses doctors are able to claim to reduce their tax liabilities (including course fees and training expenses for employed doctors)
- Advice on what constitutes a “business journey” when claiming motor expenses. This is still a highly contentious area that HMRC are keen to scrutinise during enquiries
- Whether to incorporate (trade as a limited company) your private practice
- Tax-efficient exit strategies when the company has ceased trading
- Assistance with HMRC enquiries
- Advice on NHS pensions and the annual allowance change (where growth in NHS pensions exceeds £40,000) Regular client briefings
If you would like to arrange a tax seminar at your hospital or place of work, please do not hesitate to contact us. This can be arranged outside office hours at a location that suits you.
FAQ’s.
The rules for tax relief on training costs depend on whether the individual is employed or self-employed. An employed individual can have work-related training paid for by their employer or be reimbursed for training costs by their employer without any tax consequences.
However, if an employee pays for their own training costs which are not subsequently reimbursed by their employer, there are only very limited circumstances in which that individual can obtain tax relief.
For the self-employed, relief is generally allowed where the costs are incurred to update the individual’s existing skills but denied if the individual invests in training to develop new skills.
It is very important you keep your personal records separate from those for your business. This is so that if HM Revenue & Customs (HMRC) ask to see your business records, they are completely separate from details of your personal income and expenditure.
Although the accounting records a business needs to keep will vary depending on the size and nature of the business, a general guide would be that a business should aim to keep the following records:
- Record all sales and other business income and retain the records, for example, invoices, bank statements
- Record all purchases and other business expenses as they arise and ensure, unless the amounts are very small that you keep invoices and receipts
- Keep a record of all purchases and sales of assets, such as capital equipment, which are used in your business
- Record all amounts taken out of the business bank account, from cash or stock, for your own personal use
- Record all amounts paid into the business from your own personal funds, for example, paying for stock with your personal credit card
- If you are claiming mileage allowance for business trips you must record details of the journey, such as date, number of miles travelled, destination and purpose of the business trip
If the expenses were incurred within seven years of you starting to trade, and the expenses would have been tax-deductible if you had incurred them while you were trading, then you can treat them as if they were incurred on your first day of trading and so claim them in addition to the other business expenses relating to the first period of trading.
As a sole trader you will pay Income Tax and National Insurance (“NIC”) on your profits, and as a sole trader you keep all of the after-tax profits the business makes.
A limited company is a separate legal entity that you can form to run your business, so the profits belong the company. So as the director and shareholder of the business you want to take money from your business so instead you might pay yourself a salary and dividends.
Choosing the right structure for your business is an important decision and must be right for you and there are a few points to consider such as – do you have an income from another job, are my profits likely to rise, would I benefit from limited liability?
For further information or for a free initial consultation to discuss your tax affairs please contact Andrew Fenton (Director at AF Tax Solutions Ltd) on [email protected] or call 07775 503475 or 01323 845083.
Andrew is a Chartered Tax Adviser (and a former Inspector of Taxes with HMRC) and has many years of experience in dealing with the tax affairs of medical professionals.
Testimonials.
What our clients have to say about us…
Andrew and his team have managed both our personal and business accounts for a number of years. The service has been exceptional and time sparing. All aspects of tax have been managed quickly and efficiently, and everything explained in plain English. Really pleased with the service that ultimately has saved me a vast amount of time as well as being tax efficient.
It gives me great pleasure to write the reference for Andrew, who has been looking after my tax affairs for the last five years. Since Andrew personally took over accountancy for myself and my partner he has also helped set up our company. He is extremely professional and thorough in all matters financial. He has a quietly persuasive manner, which ensures that even the most reluctant of his customers will return the relevant documents back to him in time! Indeed, I can safely say that since Andrew took over our tax affairs we’ve not had a one single late-return penalty from HMRC.His knowledge of tax affairs, accountancy and general finance is vast and he has helped me in other areas of financial investment and acquisition for the company, such as a company car. He is an extremely present individual to communicate with and I am pleased to say that a number of colleagues have also taken him on as their accountant.
Andrew and I have now worked together for four years and I must say my practice has become highly efficient as a result of Andrew. His attention to detail is second to none. His knowledge of tax law is exemplary, and his client care has been fantastic. I have no hesitation in recommending Andrew to take care of your accounts.
