Follow up to the basis period reform
Following on from the article in our Summer Healthcare Newsletter, we are pleased to bring you an update on this very important tax topic.
Healthcare news - Autumn 2021
In Autumn’s healthcare update, we have a look into annual allowance, the frequently asked questions around this subject and what the recent increased CPI inflation rate means for NHS pensions and tax.
We touch on new national insurance and tax changes and how these will affect medical practices. We also make you aware of Capital Gains Tax (CGT) implications if you choose to sell a residential property in the UK, which is not your main home, an update on our basis period reform article from the Summer newsletter and finally, the latest medics money podcast on whether doctors pay more tax in Scotland.
FAQs about Lifetime Allowance
The Lifetime Allowance (LTA) was introduced in 2006 as the capital limit on your tax-efficient pension benefits. Benefits in excess of the Lifetime Allowance will be subject to a ‘Lifetime Allowance Charge’.
CGT on sale of UK Residential Property
Are you thinking of selling a residential property in the UK, which is not your main home? If you are, you should be mindful of the Capital Gains Tax (CGT) implications.
What's new to national insurance and tax?
With the recent announcement from the Government around new NIC and tax changes, all medical practices need to consider how these could impact their operations, what are their options and how best to plan ahead.
What impact does CPI have on my pension and tax?
Our healthcare team examine the impact increased CPI inflation may have on your future NHS pension and tax contributions.
National contacts
Laura Clarkson Managing Partner Scotland – Head of Healthcare
Nicholas Nesbitt Partner - Financial Planning
Melanie Thomas Partner - Healthcare
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