Fact Sheets

 

 
 

Medic Payroll Services

GP Payroll

We offer medical and none medical clients an excellent Payroll service. When you use our payroll services, we act as your payroll department and we are here to meet your particular business needs. Our payroll services suits any businesses. Whether it is a small businesses that do not have an internal facility or large companies who prefer to outsource the complete payroll service rather than employ specialist staff. By outsourcing your payroll, you do not require the need to pay specialist staff. Instead you have access to our experts and knowledge base when you need it.

Typically a medical surgery would need help with monthly GP1 forms and annual SD55 forms.

Other businesses may need help with BACS Payment, P 11 D etc.

Auto Enrolment

What is Automatic Enrolment for pension’s purposes?

Automatic enrolment as a general term usually defines a governmental objective to establish pension schemes in which targeted individuals are automatically enrolled. Using this as a basis for setting up such schemes typically results in far higher participation rates than when individuals are left to opt-in to schemes voluntarily. The introduction of automatic enrolment for workplace pensions is intended to ensure that many more employees begin to make proper provision for having a work based pension. Read more......


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Limited liability partnership

A limited liability partnership is legally similar to a company. It is administered like a company in all aspects except its taxation where it is treated like a partnership. The higher level requirements for limited liability partnerships are as follows:

  • The LLP must be registered at Companies House
  • Annual accounts must be filed at Companies House
  • An Annual Return must be completed each year to update Companies House with basic details relating to the company, and there will be a small annual fee.
  • HMRC must be informed if the LLP has any profits or taxable income in a Company year.
  • The LLP must complete an annual HMRC self assessment tax return
  • The LLP does not pay tax instead partners pay tax NIC on their share of profits under self assessment rules
  • Anyone employed by the company must pay income tax and national insurance on their income.

LLPs have the limited liability, administrative and statutory obligations of a company but not the taxation and national insurance flexibility. This structure is most suitable for medium and large-sized partnerships.

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Limited company

A limited company is a separate legal entity from its owners. Most small businesses set up as limited companies. The term ‘limited’ derives from the fact that the company’s finances are distinct from the personal finances of their owners (unlike the sole trader arrangement): The higher level requirements for limited liability companies are as follows:

  • The Company must be registered at Companies House
  • Annual accounts must be filed at Companies House
  • An Annual Return must be completed each year to update Companies House with basic details relating to the company, and there will be a small annual fee.
  • HMRC must be informed if the Company has any profits or taxable income in a Company year.
  • The Company must complete an annual HMRC corporation tax return and pay the due taxes within nine months of the company year-end on an annual basis.
  • Anyone employed by the company must pay income tax and national insurance on their income.

Shareholders in limited liability companies are not responsible for company debts, although if required, directors may be required to guarantee loans or credit granted to the company.

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Partnerships

A partnership exists where two or more persons can collectively build a more successful business than they would individually. The higher level requirements are as follows:

  • The partners will agree to share the joint profits in pre-determined percentages as set out on a Partnership Agreement, which sets the rules of how the partners will work together. We can help you to draft partnership agreements
  • Partners are taxed in the same way as sole traders, but only on their own share of the partnership profits. You can register as self employed by telephone 08459 15 45 15 or by completing form CWF1 and submitting by post.
  • Once you have registered you will be required to pay class 2 national insurance contributions

As with sole traders, the partners are legally liable to pay the debts of the business. Each partner is ‘jointly and severally’ liable for the partnership debts, so that if certain partners are unable to pay their share of the partnership debts then those debts can fall on the other partners.

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Telephone 0207 183 1082
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About Us

We are qualified and experienced medic accountants and business advisors who have been in general practice for over 20 years having helped medic & dentist clients in meeting their aims of maximizing profits and both retaining and building on the rewards of their hard work.

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Contact Us

Medic Accountants
Unit 4, Stirling Court, Stirling Way
Borehamwood
WD6 2FX
Ph: + 44 (0) 207 183 0034
Fx: + 44 (0) 207 100 1082
Registered in Companies House England & Wales

Birmingham office
Cambrai Court,
1229 Stratford Road,
Hall Green,
Birmingham,
B28 9AA
Ph: 0121 285 4550
Fx: 0121 285 4551

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