Specialist advice for Consultants

Whether you are working privately or in the NHS or a combination of the two, you need to be sure that you are organising your affairs to minimise your taxes and ensure your pension is secure.

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Tax Enquiry Protection for Consultants

HMRC have got consultants in their sights!

They consider the mix of private practice, NHS work and locum consultants to be a high risk area. The more complex the mix of work the more opportunity there is for errors in the tax paid, which of course makes Consultants a good prospect for investigation, from HMRC point of view.

Consultants are under the spotlight due to the introduction of the ‘Off-payroll’ working rules in 2017, the use of ‘Contractor Loan’ schemes by some consultants and tax cases restricting consultants’ business expenses such as ‘Samadian’. In some cases HMRC are now assessing consultants for VAT on their private earnings.

Should I insure against a tax investigation?

As a measure of our concern about the increased frequency and cost of tax investigations, we recommend insurance to meet the costs of professional fees which are incurred in any tax investigation.

If a consultant has a tax investigation we will deal with the matter to ensure that the outcome is as favourable as possible.

Even if HMRC find no tax due, you will have costs to pay

Even if the result is that no extra tax is payable, there will be significant additional costs to meet. Just responding to the HMRC enquiries and making available the information they may demand will cause additional work.

We therefore recommend that all our consultant clients take up our  Tax Enquiry Protection insurance.

If I am covered, what happens?

For an annual subscription the insurance will enable us to dedicate as much time as necessary to get the best result for the consultant.

If you have a tax investigation launched against you by HMRC then we will deal with the matter from the initial enquiries right through to resolution and ensure that the outcome is as favourable as possible to you.

Protect yourself today

If you would like more details of this insurance please contact us.

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Contact us for specialist medical accountancy services for Consultants

If you’re looking to plan your finances for the future or trying to find an answer to a problem then get in touch today.

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NHS PENSION REVIEW

Are you in danger of being hit with a huge tax bill on your pension growth? Our NHS Pension Review Service can provide an advance warning of impending pension issues.

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TAX ENQUIRY PROTECTION

HMRC have increasingly got GPs in their sights and many Practices have been subject to lengthy tax investigations. Make sure you’re covered with our annual insurance scheme.

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EXPERT CONSULTATION

Talk to one of our Medical Accounting Team for free. We can discuss your circumstances and how we can help you achieve better financial management, reduce your tax bills or plan for the future with a tailored fixed price plan.

Meet our team

We have a panel of subject experts and a team of professional accountancy support staff to make sure your specific needs are met reliably and cost effectively.

HOW WE CAN HELP

A specialist healthcare team to advise you
Call free for support at any time
Keep you up to date with the latest changes
No fuss, smooth process to change to us
Members of AISMA - Association of Independent Specialist Medical Accountants

What our clients say…

Dr David Paige, Consultant Dermatologist, The Holly Private Hospital

The reason I was first attracted to Nichols was when I heard Mr Nichols explain the complexities of the Life-time allowance and the Annual allowance changes in simple terms. I have had no regrets using this firm as they are very trustworthy and honest.

They also sorted out my allocation of rental income to my partner correctly which I had been badly advised on before by a very large and well known accountancy firm.

They respond in a timely manner to queries and (politely) chase me up over submitting my tax return details. I would recommend them to anybody in the medical profession.

Dr Colm Irving, Consultant Anaesthetist

Nichols and Co have done two things for me which have changed my financial life. They advised me to incorporate my practice and introduced me to online accounting using XERO. Both these moves have saved me time, money and stress. If I do get stressed Danny Woodham is immediately available on the end of a phone or an email.

Dr Miguel Plaza, Consultant Paediatric Anaesthetist, Kings College Hospital

I have been with Nichols & Co since the beginning of my career and there is a reason for that. Not only they do their job very well, they simply care for you, because you become part of the Nichols family and this is what makes them unique. They will look after you so well, that you will never want to leave. If you want the best, you want Nichols & Co.

Dr Dimitri Amiras, Consultant

I first started using Nichols and Co in my first year of doing private consultancy work. I found them to be professional, responsive and knowledgeable. It can be quite stressful when you are faced with confusing tax and especially pension rules when you start as a consultant. However, I've always found them able to explain and guide me through the complicated process.

Dr Andrew Plumb – Consultant

I received a recommendation from a colleague for Nichols & Co over 5 years ago and have been with them ever since, initially with Debra and subsequently Danny being my accountant.

They have consistently been responsive, efficient and clear in all communications, whether via phone, email or using their secure online portals. All requests are dealt with rapidly and with a deep understanding of modern hospital medicine including private practice.

I’ve received excellent advice on all matters of taxation and expenses, practice structure, allowances and the NHS pension (including the taper and annual allowance charges). I would definitely and strongly recommend them.