Personal Tax Returns

If you meet the requirements, HMRC will ask you complete a Personal Tax Return. The deadline for a personal tax return if submitted on our software is January 31st for the year up to the previous April 5th. You will need to declare all income including overseas income, interest, dividends and capital gains for the year.

Annual Pension Allowance

Many medical professionals have been subject to large tax liabilities due to the Annual Allowance which restricts the amount of tax relief an individual receives on pension contributions. Opting out of the pension is not always the best answer and all options should be discussed before a decision is made.

Property Rental Accounts

If you own property which is rented out, you will need to declare the income on your tax return. Money spent on the property during the year may qualify as expenses against the income received or may fall into the capital expenditure category.

Private Practice Accounts

If you have private practice, you will need to declare the profit in your personal tax return each year. If you wish to operate under a Limited Company, confirmation statements and a company tax return must be submitted each year.

Overseas Income

If you are a UK resident, you must pay UK tax on all worldwide income. This includes income which has been taxed in the country of origin. The UK has agreements with most countries where the tax already paid can be offset against UK tax payable, but it must be declared to HMRC.

Other Taxes

Other taxes you may be subject to include: Capital Gains Tax (on property), Inheritance Tax (yourself or a beneficiary), Stamp Duty Land Tax (on property), LTA Tax Liability (on pension crystallisation) and VAT (on business income)

Michelle Lloyd – Director

Ian Grigg – Company Accountant

Amanda Reed – Office Manager

Amanda Johnstone – Property Manager