Structure of the profession

Question 1

Percentage of MRCVS from different places

Answer 1

75% UK
13% EU
12% Commonwealth
2% other overseas

Question 2

Percentage employment of the 16000 UK vets

Answer 2

88% Vet practices
5% Government
5% Research
2% Industry

Question 3

Percentages of different practices

Answer 3

51% small animal only
45% mixed
3% equine only
1% farm only

Question 4

Sole principal or partnership structure

Answer 4

Practise would be owned by one or more veterinary surgeons (i.e RCVS members)

Vet practices could only exist in this form until 1997

Question 5

Corporation definition

Answer 5

Legal entity that is effectively recognised as a person under the law

Legally safeguards personal assets of shareholders against lawsuit claims meaning shareholder liability limited

Question 6

Rules for RCVS input in limited companies since 1997

Answer 6

Clinical directors must be MRCVS

Question 7

Largest veterinary corporation

Answer 7

CVS

Simon Innes is chief executive

Question 8

Drawbacks of limited companies

Answer 8

• Corporation tax
• Greater fees
• Directors of the company are employees
• Accounts must be filed in certain formal and are available for inspection by public

Question 9

Benefits of limited companies

Answer 9

• Limited liability
• Tax and NI savings
• Easier to leave company to retire etc and plan succession

Question 10

Benefits of sole principal or partnership

Answer 10

Flexible, easily formed, cheapest fees, privacy, normal business regulations

Question 11

Drawbacks of sole principal or partnership

Answer 11

Vet owners personally responsible for all liabilities of business e.g loans, accounts, legal judgements
- Personal assets of partners can be taken