Private healthcare is available through a wide range of private hospitals in the UK, and even the NHS have private treatment areas within some of their hospitals. However, when accessing private medical treatment, you can go through a provider other than the hospital itself. For example, health insurance providers.
Can a doctor operate through a trust?
Most doctors opt for a family trust, but the trust itself does not create any tax magic. It is just the most obvious entity to use, when all factors are considered. No person ‘owns’ a discretionary family trust. So if the doctor is sued, or their spouse is sued, the assets in the trust have a good level of protection.
What makes a medical practice a sole proprietor?
A Sole Proprietor is an individual like you and me. When running a medical practice as a sole proprietor, you are your own business. An Incorporation is a registered business, similar to a private company. You own the shares in your business, and you are also an employee of your business.
What do I need to do as a sole trader in Australia?
A sole trader or business registered for GST must submit regular Business Activity Statements (BAS) to the Australian Tax Office (ATO). When working as an independent contractor doctor you will most likely be required to submit invoices to the practice or hospital you are working in on an agreed basis, e.g. fortnightly or monthly.
Can a sole trader claim GST in Australia?
Even though the provision of medical services to patients covered by Medicare is GST free, registering for GST will allow independent physicians to claim any GST on expenses. A sole trader or business registered for GST must submit regular Business Activity Statements (BAS) to the Australian Tax Office (ATO).
How many people work in private practice in UK?
Find out more about maintaining a private practice and read our guidance on recognition with private medical insurers. There are an estimated seven million private general practice consultations a year in the UK, with 11 per cent of the population having some form of medical insurance.
