Doctors and other professionals who are living overseas and who sell a home in the UK should beware of being caught out by changes to the capital gains tax rules.
The changes, which came into force on 6 April 2015, mean that non-UK residents must pay tax on any increase in the property’s value from that date until the date of the sale, and to submit a capital gains tax return within 30 days of completion.
GP practices affected by cyber attacks may be experiencing problems with accounting and payroll systems. Those using older-style, non-cloud software with no back-ups may find they are unable to access data. We are here to help – contact us on 0161 832 7571.
Of all the questions that medical accountants are asked, the issue of drawings is by far the most common. That’s perhaps not surprising, as it can be difficult to get the balance just right.
If your drawings are set too high, you risk running out of cash and being unable to pay the bills, or lurching from one crisis to the next. Cashflow problems can bring down even the most profitable practice which is why accountants often use the saying, ‘cash is king’.
Bookkeeping must surely be one of the most time consuming tasks for practice managers – but the new generation of accounting systems can help to ease the burden.
Hall Liddy, in partnership with Xero, is now offering clients access to a new cloud-based system that is one of the most advanced to date. Read More
New tax rules which come into force on 6 April will force many GP surgeries to put locums on to the payroll and mean higher tax bills for doctors who currently operate through a limited company, with wider implications for those who are self-employed.
The NHS is planning a complete redesign of the care system – but what impact will the new models have on GP practices? As we await publication of the first contracts, Melanie Thomas of Hall Liddy identifies some of the key issues.