Planning for a Future Vanessa Sanders BA(Hons) FCA

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

Fascinating trends Consultants engaged in private practice13,00014,00013,000 _______________________________________________________ Practising Format Sole Trader11,60010,5006,000 Legal Partnership8001, Limited Company2001,0003,250 Limited Liability Partnership-1001,500 Chambers--750 __________________ 13,00014,00013,000 __________________ Source: (Very) Limited Private Research – E and OE Updated October 2011

Private UK Health Market (£M) Independent Hospitals and Clinics1,2493,2443,7073,975 NHS Pay Beds ,4583,6454,1244,407 Consultant Fees5861,2781,4061,504 Total2,0444,9235,5305,911 Consultant Fees as % Total Hospital/Consultant Fees Ratio Independent Hospital/Consultant Fees Ratio Source: Laings Healthcare Market Review

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

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

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”

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

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…!