Pharmacy Accountants

News & Articles


The Budget – 2012
George Osborne delivered his third budget on 21st March 2012, many of his proposals will not take effect until 2013/14.
A Free Pension?
In reality, no one is going to get a free pension, but some individuals can get very close to it...
A Festive Tax Break
As Christmas approaches thoughts turns to office parties. So what view does the tax man take when an employer arranges a Christmas party for their staff?
Self Assessment Penalties
The self-assessment system was introduced in 1996 and at present HM Revenue & Customs require about 10 million individuals to file returns each year.
Should I Incorporate?
This is a question we are frequently asked by locums. The answer is “it all depends”.
The 1000% Tax Trap - And How To Avoid It
Imagine getting a pay rise of £1,000 per annum and then finding your tax liability increasing by £1,055, that’s over 100% tax. Now imagine your pay rise is just £100 but your extra tax liability is still £1,055. That’s a tax rate of over 1000%!
Pharmacy Locum Tax Planning
At what point should a sole trader pharmacy locum consider operating via a limited company? The answer to this depends on a number of factors, which are specific to the individual.
2010/2011 Tax Year End Planning
February is a good time for individuals to have a think if there are any simple steps they can take to minimise their tax liabilities.
New Pension Regime - Government Announcement 9th December 2010
We detailed the key points arising from the Government's announcement on 9th December 2010 regarding the future direction of pension provision in the UK.

 

Personal Financial Protection Planning

Whether operating a pharmacy business or undertaking work as a Locum, there are a multitude of different areas of personal protection planning that need to be considered, some clearly more pertinent than others dependent upon a client’s individual situation. Whatever your needs or wishes in this area, our professional opinion is that these should be addressed as a priority, as the consequences of delay or failure to address can be serious.

When assessing personal financial protection, there are a number of key questions should be asked: -

Financial security and peace of mind can be gained from constructing a financial protection portfolio that addresses these issues. In this regard, there are three types of insurance that should be given due consideration.

Income Protection

Designed to typically replace up to 50% of your earnings in case of you being unable to carry out your occupation, due to long-term ill health or disability. Particularly important is the insurers' definition of earnings. We have access to specialist insurers, which are able to take not only salary or self employed income into account but also personal dividends.

Life Assurance

Replacement of lost death in service benefits may be especially crucial to an individual who was previously permanently employed. However, there are various structures for life assurance policies that may be considered in order to address different needs, such as mortgage protection, level term assurance, indexed term assurance, family income benefit and whole of life cover. Where there is a change in circumstances, existing arrangements should always be revisited.

Critical Illness

Designed to primarily pay a lump sum in the event of you contracting any one of a whole range of critical illnesses such as cancer, heart attack, stroke, paralysis, blindness, and brain tumour. A good policy would cover at least 25 to 30 serious illnesses. However, this market is now evolving and some plans are now being launched with significantly more.

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