shaw gibbs - accountants and business advisers
accountants & business advisers

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Healthcare Specialist Team

With offices in Marylebone and Oxford, we are located in two of the country’s thriving healthcare centres of excellence. We have a specialist healthcare team with extensive experience of acting for a range of professionals in the sector. Amongst others, we act for: medical consultants, dentists, nurses, care homes and physiotherapists.

Pension savings tax charges

You may have to pay a tax charge if your total pension savings during a year are more than the Annual Allowance (AA) for the tax year (plus any unused AA from the three previous tax years). OR, your pension savings into defined contribution arrangements exceed the Money Purchase Annual Allowance. Where your threshold income plus pension inputs exceeds £150,000 you may be liable to reduced or tapered allowance.

Where fluctuating earnings are concerned, making large pension contributions early in the tax year can lead to consequences later.

We can advise you on ways to mitigate these charges.

Private practice structuring

Effective tax structuring means you are compliant but also reduces the amount of tax you pay to the minimum required by law.

We will look at everything from how your practice is structured, what allowances you claim to how you extract profits and what your succession plans are.

We have a dedicated team of Chartered Tax Advisors with the expertise and specialist knowledge to deliver commercial solutions and provide you with the structuring insight to make effective taxation decisions.

CGT/IHT planning

Inheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime. The tax rules surrounding IHT have recently changed with the introduction of the Residential Nil Rate Band (RNRB), which came into effect in April 2017.

Capital Gains Tax (CGT) is payable when you sell relevant assets such as shares or property and make a profit in excess of the annual exemption. We are able to calculate the CGT that you have to pay on disposal, whilst advising on the reliefs and exemptions available such as Private Residence (PR) relief.

In seeking professional advice, there is scope for substantial savings surrounding CGT and IHT. We will tailor our strategy to fit your situation, taking into account your circumstances and aspirations, whilst focusing on your long term financial security.

Accounts preparation

Whether you are a sole trader, partnership, limited company, limited liability partnership or other type of entity, we can assist you with your year-end (or end of period) accounts preparation, from agreeing timetables to ensuring that technical accounting standards have been met, as well as meeting the deadlines of the bodies with whom you need to report.

We’ll get to know your business and the individuals within it to advise on the best systems and procedures so you can operate with optimum efficiency.

Accounts software selection and training

Business information has never been more important, you need to understand your financial situation to be able to make fast, accurate decisions to seize opportunities. Choosing the right software will save you time and ensure that your business grows in the desired direction.

Our team of experts will review your systems, provide implementation support and ongoing training depending on your particular needs. Once software is in place we can create tailored reports and show you how to extract valuable information for your business.

Personal tax compliance

Each year Shaw Gibbs complete a large number of personal tax returns for those in the healthcare sector. Our professional tailored service means we have retained many of our clients for 20+ years.

If you would be interested in our annual tax return or wider personal tax service, then get in touch for a free consultation.

National Insurance Contributions (NICs)

You may be paying more National Insurance than you need to because collection of the different classes of contribution are handled separately during the year.

The National Insurance Contributions Office (NICO) is not obliged to check for overpayments at the end of the tax year so overpayments are common and refunds are not automatically actioned.

US tax compliance

Shaw Gibbs, working with a carefully selected IRS registered preparer, is able to assist US persons resident in the UK in becoming compliant with their annual filings and remaining US compliant, without incurring late filing penalties. For more information, Personal tax - US tax compliance.

Payroll

There is ever increasing legislation surrounding Payroll for those wishing to pay themselves, their employees, spouses or dependants a salary.

Pensions and auto-enrolment are complicated areas and the penalties in place for not adhering are particularly high.

We can set up your payroll and auto-enrolment schemes to guarantee full compliance, whilst meeting both internal and external deadlines. Furthermore, we can inform staff/others of the relevant legislative changes as they arrive.

International advice

We are members of the DFK International network, a worldwide association of independent accounting, tax and business advisory firms who have been advising clients with interests in more than one country for more than 45 years. DFK includes more than 220-member firms, located in 92 countries across 419 offices.

This means that wherever in the world you want to do business, we can draw on the experience of independent firms like ours who share our client-focused approach.

https://www.dfk.com/

Healthcare Specialists

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