Medical News Spring 2018

Welcome to our Spring 2018 Medical News

In this issue we take a look at

CQC Guidance issued on assessing the financial viability of providers

Accounting and tax records

Upcoming General Data Protection Regulations (GDPR)

Spring Statement 2018 highlights including Self-funded work related training and employer-supported childcare schemes.

Senior Partner Bob McTear's Retirement

CQC Guidance issued on assessing the financial viability of providers

CQC have issued an apology following guidance issued in January 2018 on assessing the financial viability of providers. The guidance originally requested that all providers were to submit a statement of financial viability in the form of a letter from a financial specialist.

CQC have since corrected their position. As at 12 February 2018, all new private providers will instead be required to submit a statement of financial viability. CQC have also clarified that evidence of an NHS contract provides sufficient assurance and therefore they will not require the following providers to submit a statement letter:

  • NHS GP practices
  • NHS dentists
  • NHS 111, out of hours and urgent care services
  • Non NHS organisations with NHS contracts.

More info can be obtained by accessing the following link:- 

http://www.cqc.org.uk/news/providers/new-guidance-assessing-financial-viability-providers-applying-registration

Should you be required to submit a statement of financial viability, Humphrey & Co are able to assist with providing a statement letter, please contact a member of the Medical team for assistance.

Accounting and tax records

Another financial year has drawn to a close and we shall shortly be requesting information from our clients to assist in preparing their 2017/18 Self-Assessment Tax Returns. In our efforts to move to a paperless environment, we kindly request to our clients that where possible, accounting records are now forwarded to us in a digital format.

Upcoming General Data Protection Regulations (GDPR)

You may be aware that new EU legislation aimed at protecting a person’s personal data and electronic privacy comes into effect on 25 May 2018. The introduction of General Data Protection Regulations (GDPR) means that all businesses that hold personal data will need to comply with these new wide-ranging obligations.

As a result, Humphrey & Co have updated our data protection policies. We will shortly be emailing our contacts to opt-in to receive future marketing in line with the new GDPR requirements. If you would like to continue to receive our news updates please complete our opt-in form.

To consider your practice’s own GDPR requirements, please visit:-
https://ico.org.uk/for-organisations/guide-to-the-general-data-protection-regulation-gdpr/

Spring Statement 2018

The Chancellor Philip Hammond presented his first Spring Statement on Tuesday 13 March 2018. In his speech he provided an update on the economy and also launched consultations on various aspects of the Tax system including the following:-

Self-funded work-related training

The government had previously announced that it would consult on extending the scope of tax relief currently available to employees and the self-employed for work-related training costs. A call for evidence consultation has now been issued. Under current rules:

  • An employee only receives tax relief on self-funded training if it is both ‘wholly exclusively and necessarily’ and an intrinsic contractual duty of their existing employment and
  • A self-employed person can only deduct training costs incurred wholly and exclusively for their business where it maintains or updates existing skills.

The purpose of the consultation is to gain an understanding as to how an extension to the existing tax relief can be designed to upskill or retrain those who want or need to change their career. This will include taking into account lessons from previous initiatives and ensuring that tax relief on work-related training is not obtained on recreational activities.

Employer-Supported Childcare schemes close to new joiners

Many employers help employees with childcare costs, often by providing childcare vouchers by way of salary sacrifice. Following the roll out of Tax-Free Childcare, the new government scheme to help working parents, existing Employer-Supported Childcare (ESC) schemes were expected to close to new joiners from April 2018. However, following the Chancellor’s Spring Statement, Education Secretary Damian Hinds made a concession to delay scrapping the schemes by six-months.

Employers already using ESC can choose whether to remain in existing schemes or switch to Tax-Free Childcare, but parents cannot be in both Tax-Free Childcare and ESC at the same time.

For more information, please visit the Childcare Choices website by clicking the following link:
www.childcarechoices.gov.uk

Further information on the 2018 Spring Statement can be found in our PDF summary, please download your copy below.

Download the Spring Statement

The Spring Statement also announced or confirmed many of the figures fundamental to our business and personal lives and the main ones are summarised in the 2018/19 Tax Data Card.

We are sure that you will find it a useful point of reference throughout the coming tax year; please click the link below to download your copy.

Download the Tax Data Card

Following over four decades of loyal service we say a fond farewell to Senior Partner Bob McTear

Bob retires from the firm on 30 April after 45 years’ service. He started as an articled clerk at the firm in 1972, becoming a Partner in 1978 and then Senior Partner in 2005.

As Senior Partner, all clients and staff agree that, Bob has been a very compassionate partner. He has taken time to get to know individuals on a personal basis thereby being able to advise not just from a financial view point but also a holistic one. As a devoted family man he has understood that when making business decisions these cannot be made in isolation of clients’ personal circumstances.

Although he has advised many individuals and businesses locally, Bob’s area of specialisation has been advising the Dental and Medical business community. He developed this area of specialisation within Humphrey & Co over the last 25 years. During this time Bob has led the Dental and Medical team at Humphrey & Co which has grown exponentially under his leadership. Humphrey & Co now has clients worldwide and is well respected in the dental community. He leaves this specialist team in safe hands led by Partners Greg Penfold, Ian Simpson and Karen Wicks.

When asked to comment on his time at Humphrey & Co Bob stated “I started at Humphrey & Co just after my 19th Birthday. At that time there were just 15 people in the firm and clients were mostly local businesses made up of mainly guest houses, taxi drivers and builders. We were still preparing accounts in ‘pounds, shillings and pence’ and there were no computers or calculators and no VAT.

During my time I have seen the firm grow from this small beginning to now being in the top 100 accountancy firms in the UK. Our clients range from small businesses to international companies and this year our staff will reach 90 people.

I consider myself extremely lucky that I can count on one hand the number of times I have woken up and thought ‘I don’t want to go into work today’. This is because of the amazing people that I have had the pleasure to work with, both colleagues and clients.

I know I will miss the firm but I depart knowing that the firm is in great hands with the Partners I leave behind. It has been an absolute pleasure.”

Bob is succeeded as Senior Partner by Anthony Smith who started at Humphrey & Co as a graduate trainee in 1997.

Senior Manager Claire Borsoi also retired at the end of March after over 30 years’ service, having joined in 1984. As part of the Dental Team Claire specialised in dental accounts and tax affairs working for Bob McTear. In addition, she supported the Retirement and Care Planning team working for Paul Potter.

Everyone at Humphrey & Co wishes Bob and Claire a very long and happy retirement.