The profits chargeable to tax for those with a year-end other than 31 March are changing. So if your practice accounts are prepared to a date other than 31 March then you will need to understand how these changes may affect you.
Medical
Having first appeared in the Autumn 2022 issue of AISMA Doctor Newsline, this article by Sally Sidaway looks at what GP practices can do to help ride the storm.
A surprising number of practices still use outdated, limiting accounting software. This article explains why they need to embrace cloud based software packages approved for Making Tax Digital.
Terry explains how potential pensions annual allowances tax charges can arise, what actions should be taken and alternatives such as scheme pays elections.
A round-up of the AISMA annual conference earlier this year which included talks covering commissioning, practice management, tax, pensions and all matters financial for GPs.
Ensure that the correct tiered rate is being used and that type 1 and type 2 pension certificates are submitted each year where necessary explains Terry.
AISMA Chairman Deborah Wood gives an expert round up so practices are fully aware of the changes and their impact.