What GDPR will mean for your doctor’s practice
The compliance deadline for the General Data Protection Regulation (GDPR) is fast approaching and have you been planning ahead to make your doctor’s practice GDRP compliant?
The regulation that will be enforced on 25 May aims to strengthen and unify data protection for individuals within the EU and address the export of personal data outside the EU. This is a good thing – citizens will ultimately gain back control of their data, which today, has become a commodity.
But the demands of GDPR compliance range wider than you think. With less than four months to go before the regulation becomes law, it’s important to be aware of the steps your private medical practice needs to take.
What’s changing
In your healthcare business, you’ll be processing data that includes names, photos, email addresses, medical records, and often patient’s bank details. In addition to data of your patients, you’re also holding personal information of your employees.
From May onwards, you’ll need to show that the way you treat this data is GDPR compliant; otherwise, you will be penalised. The fine can be hefty - up to 4% of your practice’s annual turnover.
Here’s are some of the key points to look at:
Consent
You need to ask for consent to store personal data, and the terms and conditions need to be accessible and transparent. You must also make it clear to people that they’re free to withdraw their consent. So, if at the moment you’re storing data without explicit permission, you’ll need to contact the individuals to request consent before May. It’s also important to note that if you’re dealing with children, you’ll need approval from their parent or guardian.
Breach notifications
If there’s been a data breach, personal information might get into the hands of a third party; therefore, you must notify the authorities within 72 hours of becoming aware of this breach. You should review your original data protection protocols and add this step in if necessary. Plan for the worst and have a detailed action plan in place in the event of a cyber-attack.
Right to access
Your patients have the right to ask for their data and to know how you’ve been using it. You’ll need to be able to give them an electronic copy of their data free of charge. Again, make sure you have an action plan in place that enables this.
Data protection officers
Where activities include “regular and systematic monitoring of data subjects on a large scale”, you’ll need to appoint a data protection officer. Assess your staff, select a person and adjust their job description accordingly.
Where to turn for guidance
For more information visit the GDPR section on the website of the Information Commissioner’s Office. You can also check out the guidance issued by the national GDPR working group and the Information Governance Alliance (IGA) on NHS Digital.
Speak to us at TaxAgility if you’re worried about budgeting for the changes you need to make. Working with dedicated and knowledgeable medical accountants like us means that you’ll know where your finances stand so you can concentrate on GDPR compliance without worrying about your accounts.
We’re specialist accountants for doctors, so to talk to TaxAgility about how we can assist your doctor’s practice.
Shared practices, shared expenses, specialist accountants
The healthcare industry is constantly changing but expense sharing is still an existing arrangement among dentists who’d like to have their own practice but share the every-day costs of running it. The idea is that you team up, so to say, with other dentists and sign a form of expense sharing agreement binding you to sharing the space, the administration costs, staff, equipment, and rent but keeping your earnings strictly separate.
This arrangement offers benefits like having another professional around to cover for you while you go on holidays. Shared practices also create an inspiring professional environment through the exchange of expertise.
How does an expense sharing agreement work well?
Expense sharing agreements need to be arranged with caution, as keeping some things shared but others separate can cause headaches down the line without the right specialist advice. Each dentist’s business strategy is unique and if there’s no general agreement on how the practice is run, there may be disputes among the healthcare professionals in the practice, which can affect the shared staff who are receiving mixed instructions. This can have a negative impact on your practice’s growth and your revenue so it’s important to talk to specialists if you’re considering drawing up such an agreement. This way you can ensure you are prepared for any challenges that might come up.
It’s also imperative that the income and outgoings of the practice are accurately recorded, each dentist’s account is kept up to date and that you’re all clear on tax implications.
Working with an accountant specialising in dentists
This is where accountancy services come in. If you’re considering an expense sharing agreement, specialist accountants for dentists will have the advice you need. If you’re looking to incorporate your dental practice, you can also consult us.
As Accountants providing comprehensive accountancy services, TaxAgility has vast experience dealing with the tax concerns of those in the healthcare industry. We’re not only accountants for doctors, we specialise in dentists too, so we know the pressures dentists like you face.
Experienced local London accountants like us will know what to look out for to help your practice run smoothly and with success. We can keep ahead of the adapting dental industry from legislative changes to the challenges of private competition, and treat the parties in the shared practice as the individuals that you are.
Contact us today on 020 8780 2349 or get in touch with us via our contact page.
Buy-to-Let Landlords: Four Reasons to Hire a Specialist Accountant
The changing landscape of buy-to-let regulation demands specialist attention this year. Landlords are beginning to feel the effects of the government’s cut in mortgage tax relief and the abolition of wear and tear allowance while lending criteria around mortgages are stricter than in past years and interest rates are rising. 2018 is no doubt a confusing time for those investing in the private rental sector, so there’s never been a better time to turn to an accountant for help.
There are numerous benefits to working with an accountant specialising in landlords, and here are four reasons to hire one this year:
Expertise
Accountants who concentrate on offering services to landlords are well-versed in knowing what taxes you need to pay, how you need to report your rental earnings to HMRC, and the best way to keep track of your accounts, be it using Xero, Quickbooks, or Free Agent. Whereas general accountancy firms might miss essential aspects of your responsibilities as a landlord, you can consult specialist landlord accountants with particular questions. You can also expect to hear impartial and tailored advice based on many years of experience.
Legislation changes
No matter what tax changes the future throws at landlords, specialist accountants will be ready to tackle them. Significant changes might be easy to follow on your own but the effects of seemingly small additions might catch landlords off guard and surprise them down the line. Accountants for landlords will make sure no sneaky tax changes slip into effect without you knowing. This is undoubtedly one of the most liberating advantages of hiring a specialist landlord accountant.
Accounts
No property owner can operate without having their books in order; they should be kept up to date and in line with the law. This is especially important if you have multiple properties as it can be easy to lose track of your rental accounts every month, resulting in missed rent and lost receipts and bills. An accountant will have a clear view of your rental accounts at all times. The importance of accurate record keeping is perhaps the most apparent during an HMRC investigation.
Tax relief
Your accountants can file your taxes for you, knowing exactly what tax relief you’re eligible for. In 2017 the government began reducing the available tax relief to landlords with the aim of gradually restricting it further by 2020. This means that it’s currently difficult to know just what you can or cannot expect when you file your tax return. A specialist landlord accountant will make sure you get the most from your investment.
Planning for the future
You may not want to stay a landlord forever and although it’s not on your mind now, you might sell your property in the future. A specialist accountant will plan for such eventualities and have advice for you when you’re ready.
No more confusion
Get all of the above specialist financial advice from TaxAgility and we’ll make your accounts fly. We have a team of landlord experts with specialist resources that will save you time and money. Speak with a professional accountant and discuss our unique accountancy packages for residential property owners (landlords).
Get in touch with us via our contact page to arrange a complimentary, no obligation meeting or call us on 020 8780 2349.
HMRC Tax Investigations: Know Your Rights
As the owner of a small business, you need to be aware of your rights before HMRC comes knocking at your door to undertake a tax investigation. Knowing what to expect determines how you behave during the audit process, and being co-operative during an HMRC tax investigation will put you and your company in a positive light.
Timing of Visits
HMRC usually gives you seven days’ notice if they wish to inspect your premises in order to get an overall view of your business. They will tell you exactly what documents they want to see and approximately how long the investigation will take.
HMRC can also send officers to visit your premises unannounced. This isn’t likely to happen unless you’ve consistently refused to grant them access in the past, or if they’ve received a tip-off and believe contacting you in advance would give you time to cover your tracks.
Allowing HMRC Tax Investigation Officers Access
When HMRC turns up for a pre-arranged visit, you are legally required to let them in. It is within your rights to check the identity of the officers. To do so, call the number you were given in your correspondence arranging the visit.
If the visit is unannounced, you have the legal right to turn the officers away. Before doing so, however, ask the officers for their credentials and who sent them. If their unannounced visit was approved by the First-Tier Tribunal (FTT), the appeal tribunal that deals with tax discrepancies, refusing entry could land you with a £300 fine.
Investigating Your Premises
HMRC’s officers have the right to inspect all business assets, documents, stock, and capital equipment on the premises of your business. During this process, you (or a member of your staff) should accompany the officer. It’s important to note that the right to inspect your business premises is not the same as a police-issued search warrant. The officer may only look at what’s on display, they cannot go searching through drawers or filing cabinets.
If you’re a small business owner running your company from home, the investigating officer has the right to investigate any part of your home that’s used for your business (such as a spare room you use as an office), but they have no right to see any other part of your home. Consider closing the doors leading into other rooms of your house before their arrival.
Contact an Experienced Accountant
Receiving notice of an HMRC tax investigation can be a daunting prospect for SME owners, especially if it’s the first time you’ve encountered one. Speaking with our professional tax accountants to discuss the implications of your upcoming tax investigation can help put your mind at ease. We provide tax advice for clients throughout London and in local areas including Putney, Wimbledon, Fulham, Hammersmith and from our Central London office in Cavendish Square.
Contact us today on 020 8108 0090 or get in touch with us via our contact page to arrange a complimentary, no obligation meeting.
Aspects of this article were first published on 25/01/16 and updated on 31/01/18
Limited Company Pensions: How to use pensions to the full effect
Limited Company Pensions and SSAS
If you own a limited company, TaxAgility can assist you in implementing an Occupational Pension Scheme, such as a Small Self Administered Scheme (SSAS), in your business. Setting up a SSAS has the following advantages:
1. The SSAS is a trust that acts as a separate legal entity from your limited company, which means that it can give you additional creditor protection in the event of your company becoming liquidated. In order to administer this pension scheme, you must become a trustee of the SSAS, together with a professional trustee, as required by the Pension Act legislation.
2. You can make tax-deductible contributions from your limited company to your SSAS to a maximum of £50,000 each year for every director who is linked to the SSAS.
3. Any assets you purchase within the SSAS will grow in a capital gains and income tax free environment.
4. You can convert any previous pensions held in a Self-Invested Personal Pension scheme (SIPP), or through a commercial pension provider, into a SSAS. This will bolster your capital within the SSAS and enable you to purchase assets within the SIPP.
5. The SSAS can be set up to receive private contributions from individuals receiving the 20% uplift from the government.
6. If required, you may loan back up to 50% of the value of the assets in your SSAS to your limited company on a secured commercial arm’s length basis.
7. The SSAS can acquire intellectual property, or any other fixed property, from your limited company, paying you in cash for the assets. This can provide liquidity to your business and protect the assets in the event of liquidation.
8. On retirement, you may take a tax-free 25% cash lump sum of the benefits in the SSAS. The remaining balance of the funds is taxed and may be drawn as an annuity.
At TaxAgility we can assist you to implement a SSAS structure to achieve the above benefits and unlock your shareholder value in your limited company.
For more information on how we can help you to set up your own SSAS pension scheme, or if you have any questions about what pension scheme is perfect for your limited company, call us today on 020 8108 0090.
An accountant a day keeps a doctor in business
As a doctor, running your practice is like running a business: you have tax responsibilities and accounts that need to be managed. In many cases, you may be running your practice in partnership with other doctors. This can create added confusion and stress when it comes to who is responsible for the financial aspects of your practice. Working with a dedicated and knowledgeable accountancy team like TaxAgility means that you can concentrate on improving the health of your patients instead of worrying about your accounts and finances.
How can TaxAgility help your healthcare practice?
As accountants who specialise in helping medical professionals, we have a clear understanding of the needs and services you require. Our experience and the insight we have gained over the years mean that we can work with your best interests in mind.
We can also stay on top of any legislation changes that may occur throughout the year. New legislation could mean that any tax saving plans you may have will have to be altered. If this does happen, we can give you the best advice to help you stay on track with your savings. Above all, we aim to work alongside you for the long-term. Ultimately, this will help us understand your specific practice and allow us to give you the best possible service tailored to you and your business’ needs.
We offer a range of accountancy services that can help you keep your medical practice successful. Some of these services include:
- Managing your practice accounts
- Offering advice on tax planning and reducing your tax bill
- Providing payroll and bookkeeping services
- Helping you with pension planning
- Completing and submitting your tax returns on your behalf
By supporting you and your medical practice with these services, you can rest easy knowing that your business is in the hands of professionals. So, you can focus your time on being an excellent doctor and helping your patients instead of worrying and fussing over your taxes.
Contact us today
We pride ourselves on providing excellent services to medical professionals who are keen to improve their business model but who are also dedicated to their careers. Working with us can ensure that you are well prepared for the future of your practice, and that you can go into the New Year with your best foot forward.
For more information on how we can support you and your practice, call us today on 020 8108 0090.
A personal tax return service for Putney residents
Situated conveniently on the river and with many transport links, Putney is great place for businesses. Part and parcel of having your own business is ensuring that you complete your taxes on time. TaxAgility are Accountants in London that are experts in dealing with your personal tax returns. We offer a tailored and comprehensive service that is perfect for Putney residents and is ideal for helping you to manage your finances.
Personal tax returns
There are a number of reasons why you may have to complete a personal tax return, including if you:
- Are self-employed
- Receive income from a contractor or partnership business
- Receive income from land or property
- Receive income from overseas
- Receive any other gross income
The 31st of December will soon be upon us, and with it comes the deadline for your online personal tax returns. As accountants, we understand that dealing with your taxes can be confusing and time consuming. This is why we offer a personal tax return service for Putney residents. This service aims to make your life easier so that you can focus on spending your December doing the things you love with the people you care about.
As a Putney resident, you have access to a local TaxAgility office. Here, you can meet with a personal tax professional who can work closely with you and who can answer any questions you may have about completing your tax returns.
Personal tax planning
As well as supporting you through completing and submitting your personal tax returns, we can also give you advice with our personal tax planning service. This service can help you to plan efficiently so that you are well prepared for any surprises the future may bring.
We can support you with a range of personal tax issues, including:
- Income tax
- Trusts and estates
- Inheritance tax
- Capital gains tax
Our aim is to work with you to create a sustainable plan that can help you to save, protect and invest your money for the future. Our advice is practical and tailored to your specific needs, so you can start implementing your plan straight away.
TaxAgility can support you!
If you need a helping hand to complete your personal tax returns and to make sure that they are submitted in time for the deadline on the 31st of December, contact TaxAgility today on 020 8108 0090.
Find out about our personal tax return service for residents in other locations:
- A personal tax return service for Wimbledon residents
- A personal tax return service for Richmond residents
A personal tax return service for Wimbledon residents
Wimbledon is an area famed for its yearly tennis competition with its quintessential strawberries and cream treat. But this district in southwest London is also home to multicultural residents and is a thriving industrial hub.
For Wimbledon residents who wish to develop their own business, or who already have an existing business, dealing with your finances and your tax situation can often be difficult and time consuming. To make your life easier, and to help you to focus your time on more important things, TaxAgility have a personal tax returns service that is specifically tailored for the residents of Wimbledon. Our local Wimbledon office is open for business, providing you with expert financial advice and services that you can use to ensure your success in business.
With the 31st of December and its deadline for your online tax returns looming, working with TaxAgility can help to ensure that you’re organised and properly prepared for this necessary tax requirement.
Personal tax returns
Completing and submitting a personal tax return, or SA100 self-assessment tax form, is a mandatory task that is required if you:
- Are self-employed
- Receive income from a contractor or partnership business
- Receive income from land or property
- Receive income from overseas
- Receive any other gross income
If you fall into any of these categories, TaxAgility can help you to prepare your tax returns, even submitting it to the HMRC on your behalf. By working with us, you can be sure to have more time for your business, as well as reducing the stress and confusion surrounding your personal tax obligations.
Personal tax planning
Planning for your future is an important step to ensuring that you are financially secure in the long term. We offer a range of services that include:
- Helping you to create strategic reviews to minimise your tax liabilities
- Disputing settlement negotiations and revenue investigations
- Advice regarding pensions and investments
- Advice on tax such as:
- Income Tax
- Trusts and Estates
- Inheritance Tax
- Capital Gains Tax
With help from TaxAgility, you can start investing and protecting your money in a way that is efficient and that gives you a head start on your future.
Contact TaxAgility today!
TaxAgility can offer you the tax planning advice you need to ensure a secure future. Don’t forget that the deadline for completing your online tax returns is the 31st of December, so get in touch with us before then for assistance and support with the process.
For more information on our personal tax return or tax planning service, call us today on 020 8108 0090. You can also visit us at our local Wimbledon office to speak to a tax advisor directly.
A personal tax return service for Richmond residents
Richmond residents, according to an Office of National Statistics survey, have the highest life expectancy in Britain, with the number of residents over 60 expected to increase by more than 18% by 2021. This rise in life expectancy has been anticipated to cause an increase in small businesses, with people deciding to make that leap in order to make a living after they have retired from their mainstream job. With this comes the need for tax planning and personal tax services.
TaxAgility are Accountants with experience in helping people with their personal taxes. We offer a comprehensive service that is designed to help you manage your finances. With the online deadline for your tax returns fast approaching (31st of December), contacting TaxAgility today can save you time and help reduce your worries.
Personal tax returns
Completing and submitting personal tax returns can often be confusing and time consuming. If you are self-employed, receive income from leasing land or property, or obtain an income from overseas, you will be required to complete tax return forms each tax year. TaxAgility believe that your time is better spent running your business and organising your finances. This is why we provide a service that incorporates our skills as accountants with our dedication to you as a client. We will analyse and assess your personal finances, which will allow us to correctly enter the necessary information on your self-assessment tax return.
Our local Richmond tax return service is designed with you in mind. We offer a range of specialised services that are intended to make your life easier. To top it all off, we also have a local TaxAgility office in Richmond where you can meet with our personal tax professionals for one-on-one assistance.
Personal tax planning
In addition to helping you prepare and submit your self-assessment tax return, we can also support you with our personal tax planning service. This service is useful because it will allow you to closely monitor your financial situation and help you plan for your future. With Richmond residents getting older and delving into other past times, including new business opportunities, now is the time to engage with some solid personal tax planning.
We can offer you advice on a range of personal tax planning options, including:
- Income tax
- Trusts and estates
- Inheritance tax
- Capital gains tax
By working with us, you will be able to create a strategic plan that can help you to save, protect and invest your money in a way that is efficient and long lasting. We are passionate about offering useful and tailored assistance that you can use practically.
TaxAgility can help!
Starting a business can be daunting and stressful, especially when dealing with your finances and planning for the future. TaxAgility can make the process a lot easier to manage.
Remember, the 31st of December deadline for completing your online tax returns is fast approaching, but it’s not too late to contact us for personal tax assistance.
To find out more about how TaxAgility can help you with your tax returns or tax planning, call us today on 020 8108 0090. Alternatively, pop in and visit us at our local Richmond office.
The personal tax accountants you need
London, the city of opportunity, has long been the place where businesses come to thrive. Starting your own business has its challenges and rewards. One of the biggest inconveniences, however, are personal tax returns and the confusion they bring. With the electronic tax return deadline looming (31st of December!), TaxAgility can be the London personal tax accountants you’re looking for. We can offer support and assistance to help you get a better handle on your finances.
London based personal tax accountants
Our London based offices allow us to keep our finger on the pulse of the city. We can offer you a personal tax service that is localised and tailored to your financial needs. We have a number of offices in London that are always open to you, with professional staff who are eager to give you the tax advice required. In particular, we cover three main areas of London: Putney, Wimbledon and Richmond.
There are many people who need to complete their personal tax returns. If you are an individual who has a complicated financial situation, because you are self-employed, receiving income from land or property that you own, or receiving an income from overseas for example, filing a personal tax return is a necessity. TaxAgility can be there for you and can help you to complete this important paperwork.
Our services
At TaxAgility, we understand that completing personal tax returns is often time consuming and stressful. Because of this, we aim to offer a service that can eliminate the stress and save you time. As a business owner, this time can be better spent on improving your company and communicating with your clients.
As well as helping you to complete and file your personal tax returns, we also provide a range of other services that are designed to assist you with managing your financial situation. We can:
- Prepare your tax return and send it to HMRC on your behalf
- Review your finances to minimise tax liabilities
- Help you with your inheritance tax planning
- Give you advice regarding pensions and investments
- Help you to dispute settlement negotiations and revenue investigations
TaxAgility can help you with your personal tax planning too. Our aim is to help you get a hold on your finances and to ultimately save you money. We can offer advice on the following:
- Income tax
- Trusts and estates
- Inheritance tax
- Capital gains tax
By working with us, you can learn how to make the most out of your income. We can assist you with creating a personal tax plan that allows you to protect and invest your money to ensure that you are better prepared for your future.
Remember: the deadline for your electronic tax returns is the 31st of December, so be sure to contact us before this date in order to get the most out of our personal tax service.