Healthcare Community news

HMRC has been consulting on a proposed reform to the current basis period method for taxation, which applies to unincorporated businesses and LLPs. They have drafted legislation and consulted on the proposed amendments. At the time of writing, it is expected that the reforms will be fully effective from the 2024/25 tax year, with 2023/24 being a transition year. These changes will affect all sole traders, unincorporated partnerships and LLPs who currently do not prepare their annual accounts to a reference date ending between 31 March and 5 April.

What the changes mean for dentists and a guide to using the CEST Tool.

The law that says GPs have to declare their earnings above a certain threshold has now been brought into force. But how enforceable is it really? I wonder how many GPs will choose to comply.

How GP Practice accountants need to be advising their clients, now that costs are increasing and profits are reduced.

HMRC has been consulting on a proposed reform to the current basis period method for taxation, which applies to unincorporated businesses and LLPs. They have drafted legislation and consulted on the proposed amendments. At the time of writing, it is expected that the reforms will be fully effective from the 2024/25 tax year, with 2023/24 being a transition year. These changes will affect all sole traders, unincorporated partnerships and LLPs who currently do not prepare their annual accounts to a reference date ending between 31 March and 5 April.

This year sees the end of Mark Skellum’s term as chair of the Healthcare community advisory group with former deputy chair Katie Collin taking over.

I am not sure that we have ever been in more turbulent times in Primary Care General Practice and our role in helping practices to weather the storm has never been more important than it is now.

GP practices and those acting for them will have noticed emails warning about the need to register with the new Trusts Registration Service (TRS).

As GP practice accountants we have always been asked to provide certain confirmation details to banks and lenders. Until recently this has typically involved completing a lender’s Accountant’s Certificate which confirms an individual’s income details, or simply sending copies of the last three years’ ‘SA302’s’ (the tax calculation that accompanies a personal tax return).