7Sep, 2012

Stress Reduction – A Solution

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We all despise the onerous burden of paperwork and administration. However, filing our income tax return and submitting accounts is a necessary evil. One of the biggest headaches one has is the worry of not just paying the tax but not knowing, often until the last minute, how much the liability actually is. The solution for this particular problem is, of course, to file your tax return early and provide your accountants with all the necessary information they need to submit your accounts at the earliest opportunity. As a result, […]
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7Sep, 2012

Warning – Partnership Agreements

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On the advice of their solicitors or advisers, most doctors and dentists in general practice will have partnership life insurance so that, in the event of premature death and in some circumstances earlier critical illness, the surviving or fit partner or partners have sufficient funds at their disposal to be able to buy out the deceased or ill partner’s share. This is of particular importance in the event of premature death so that the surviving spouse can receive both adequate and speedy compensation at what would be a most traumatic […]
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7Sep, 2012

Stress Reduction – A Solution

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We all despise the onerous burden of paperwork and administration.  However, filing our income tax return and submitting accounts is a necessary evil.  One of the biggest headaches one has is the worries is not just of paying the tax but of not knowing, often until the last minute, how much the liability actually is. The solution for this particular problem is, of course, to file your tax return early and provide your accountant with all the necessary information he needs to submit your accounts at the earliest opportunity.  As […]
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5Sep, 2012

ISA Limits

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A moderate compensatory factor to the increased tax and national insurance burden is that the Individual Savings Account limits have been increased, thus enabling us to shelter more of our hard earned savings in what is largely a tax exempt environment. Whilst stocks and shares ISAs are naturally not without risk, it is possible to create a portfolio significantly reducing the risk to your capital, whilst generating a return that keeps pace with inflation, ideally after charges. For advice on making the most of your ISA allowances and information on […]
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31Aug, 2012

Pension Rules

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I have alluded in previous newsletters to the laughable concept of pensions simplification.  Current pension rules are even more complex than ever and practitioners and their accountants need to be alert to the potential problem of over-funding.  To determine your contribution eligibility involves taking into account not only the contribution limit of £50,000 per annum, but also by how much your occupational scheme benefits have increased from one year to the next. For many practitioners these rules will not affect them. However, there is a large minority for whom these […]
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28Aug, 2012

Critical Illness Insurance Reviews

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Many of you will have had, or may yet receive, a letter from your critical illness insurance provider announcing a review of both the cover and the cost.  These contracts were essentially implemented to provide the maximum cover for the minimum outlay at a time when you were arguably at your most vulnerable. The premiums were kept to a minimum for 10 years, at which time the company retained the right to review the benefits and either increase the premium or reduce the sum insured. Whether or not the plan […]
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24Aug, 2012

Warning – Partnership Agreements

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On the advice of their solicitors or advisers, most doctors and dentists in general practice will have partnership life insurance so that, in the event of premature death and in some circumstances earlier critical illness, the surviving or fit partner or partners have sufficient funds at their disposal to be able to buy out the deceased or ill partner’s share.  This is of particular importance in the event of premature death so that the surviving spouse can receive both adequate and speedy compensation at what would be a most traumatic […]
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6Feb, 2012

Insurance and gambling!

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In 2005 some of you know that I had surgery to remove a growth from behind my right eye. I had intended to increase my life insurance prior to my birthday that year, because I still had an eight year old who would be dependent for a least another ten, if not fifteen years. I had to defer applying, not just because of the growth ironically but also because of the results of the ‘routine’ blood tests which followed surgery. Thankfully, I’ve got convertible term insurance which, many of my […]
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24Jan, 2012

Researching for our members

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“Most people do not find it easy to evaluate and compare the various insurance schemes available; few people understand them, including many insurance men! It should not need the cerebral capacity of an Einstein to appreciate that the most heavily marketed insurance schemes are usually the ones that make the most money for their promoters, whilst the plans that provide best value often need searching out. At MediClub we do the research and take pride in obtaining for our members the best terms available. We subscribe to the maxim ‘time […]
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14Dec, 2011

Mortgage Applications

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Mortgage lenders have set up a formal agreement with HMRC to cross check borrowers income declared on their mortgage applications. The Mortgage Verification Scheme (MVS) was launched on 1 September and lenders will now be required to provide details of income shown on borrower’s applications. The MVS will enable lenders to compare data on mortgage applications with tax returns. There may be legitimate reasons for differences between information shown on a tax return to that on a mortgage application. It is recommended that before submitting a mortgage application that you […]
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