Planning for a Future

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Planning for a Future

• Vanessa Sanders BA(Hons) FCA

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Overview

• Market place - trends
• In training
• HMRC aka tax man
• Record keeping
• Benchmarking

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Fascinating trends

• 1997 2002 2011
• Consultants engaged in
• private practice 13,000 14,000 13,000
• __________________________________________________
  _____
• Practising Format
• Sole Trader 11,600 10,500 6,000
• Legal Partnership 800 1,200 750
• Limited Company 200 1,000 3,250
• Limited Liability Partnership - 100 1,500
• Chambers - - 750 ______ ______ ______
• 13,000 14,000 13,000
• ______ ______ ______

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Private UK Health Market (M)
1994 2004 2005 2009
Independent Hospitals and Clinics 1,249 3,244 3,707 3,975
NHS Pay Beds 209 401 417 432
1,458 3,645 4,124 4,407
Consultant Fees 586 1,278 1,406 1,504
Total 2,044 4,923 5,530 5,911
Consultant Fees as Total 28.7 26.0 25.3 25.4
Hospital/Consultant Fees Ratio 2.48 2.85 2.93 2.93
Independent Hospital/Consultant Fees Ratio 2.13 2.53 2.63 2.64

• Source Laings Healthcare Market Review

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In Business

• Insurers Squeeze
• Registering with HMRC
• Professional indemnity
• Practising privileges
• Working in a group
• Marketing
• Networking
• Referral sources
• Professional advisors

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Whats the difference between tax avoidance and
tax evasion?
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• Jail/massive penalties up to 100 of tax lost
  plus interest
• OR
• A good accountant
• Def Someone who solves a problem you didn't
  know you had in a way you don't understand

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Action

• Requirement to complete a
• tax return
• Other income
• assistant fees
• cremation fees
• bank interest/dividends
• private practice
• Expenses allowed against
• employment income
• wholly, exclusively, necessarily
• professional subscriptions
• training costs

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Penalties

• Up to 3000 fine for not keeping adequate records
• 100 of tax lost plus interest
• Real time visits
• Extrapolation of errors
• You are responsible for
• filing annual self assessment returns
• HMRC will not chase you but if they catch you!

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