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Planning for a Future

Planning for a Future. Vanessa Sanders BA(Hons) FCA. Overview. Market place - trends In training HMRC aka tax man Record keeping Benchmarking. Fascinating trends. 1997 2002 2011 Consultants engaged in private practice 13,000 14,000 13,000

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Planning for a Future

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  1. Planning for a Future Vanessa Sanders BA(Hons) FCA

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

  3. Fascinating trends 199720022011 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 ______ ______ ______ Source: (Very) Limited Private Research – E and OE Updated October 2011

  4. Private UK Health Market (£M) Source: Laings Healthcare Market Review

  5. Insurers’ Squeeze Registering with HMRC Professional indemnity Practising privileges Working in a group Marketing Networking Referral sources Professional advisors In Business

  6. What’s the difference between tax avoidance and tax evasion?

  7. 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”

  8. 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

  9. 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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