Following on from the budget delivered by the Chancellor, George Osborne, we have put together a brief summary of issues which may be of interest to medical practices.
Health North initiative
The government has announced a £20 million investment into four new health and social care projects with an aim to tackle major health issues. This will create a partnership of Northern teaching
hospitals, universities and local authorities enabling them to use large scale data to drive a public sector reform in health and social care.
Pension Contributions
Despite speculation, the chancellor has not altered the £40,000 allowance limit threshold which individuals can annually contribute into their pension scheme, while still receiving tax relief. Pension planning is recommended as in some cases a substantial pay increase or bonus in a year could trigger a tax charge that exceeds the increase in take home pay. From 5 April 2016, private pension savings above a lifetime allowance of £1 million will now be taxable, a reduction from £1.25 million. It is advisable to monitor the value of your total pension savings annually. The £1 million limit will then increase in line with inflation (CPI) from 6 April 2018. Protective action can be taken by individuals who think they may be affected by this.
To view our leaflet in full, please click here
Please do not hesitate to contact Ceri Lewis for money information on any of the issues raised in this update.
Ceri Lewis
Ceri joined Shorts in January 2015, bringing 28 years’ experience of advising clients within the Healthcare sector and a particular specialism in GP Practices.
She specialises in the provision of accounting, tax planning and advisory services to the healthcare industry and was actively involved in the creation and development of AISMA, (The Association of Independent Specialist Medical Accountants) in 1995.
Ceri’s appointment as Healthcare Director, was a direct response to growth within the firm, and Shorts’ continued commitment to providing clients with the very best advice and service, helping them achieve their business and personal objectives in the most tax efficient manner.
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