1. Planning for a Future Vanessa Sanders BA(Hons) FCA

2. Market place - trends In training HMRC aka tax man Record keeping Benchmarking Overview

3. Fascinating trends 199720022011 Consultants engaged in private practice13,00014,00013,000 _______________________________________________________ Practising Format Sole Trader11,60010,5006,000 Legal Partnership8001,200750 Limited Company2001,0003,250 Limited Liability Partnership-1001,500 Chambers--750 __________________ 13,00014,00013,000 __________________ Source: (Very) Limited Private Research – E and OE Updated October 2011

4. Private UK Health Market (£M) 1994200420052009 Independent Hospitals and Clinics1,2493,2443,7073,975 NHS Pay Beds209401417432 1,4583,6454,1244,407 Consultant Fees5861,2781,4061,504 Total2,0444,9235,5305,911 Consultant Fees as % Total28.726.025.325.4 Hospital/Consultant Fees Ratio2.482.852.93 Independent Hospital/Consultant Fees Ratio 2.132.532.632.64 Source: Laings Healthcare Market Review

5. In Business Insurers’ Squeeze Registering with HMRC Professional indemnity Practising privileges Working in a group Marketing Networking Referral sources Professional advisors

6. What’s the difference between tax avoidance and tax evasion?

7. Jail/massive penalties up to 100% of tax lost plus interest OR A good accountant Def: “Someone who solves a problem you didn't know you had in a way you don't understand”

8. Action Requirement to complete a tax return Other income: assistant fees cremation fees bank interest/dividends private practice Expenses allowed against employment income “wholly, exclusively, necessarily” professional subscriptions training costs

9. Penalties Up to £3000 fine for not keeping adequate records 100% of tax lost plus interest Real time visits Extrapolation of errors You are responsible for filing annual self assessment returns HMRC will not chase you but if they catch you…!