An integrated approach to navigating the NHS’s ever-changing financial landscape.
When you sell or dispose of your own home including garden or grounds within the permitted area (in the UK or Abroad) you won’t have to pay any Capital Gains Tax (CGT) if the property has been your only or main residence throughout the period of ownership. To protect gains made by individual in certain …
Changes in the Principal Private Residence (PPR) Relief from April 2020.Read More
The newsletter above just received by me suggests that member of the NHS pension scheme should be able to get updated Total Rewards Statements that will not only give the member an up to date suggestion of their pension but also the proximity to the lifetime allowance and the effect on the annual allowance. At …
Updated Total Rewards Statements should now be available from the NHS Pensions AgencyRead More
About a month ago now, I visited a large successful practice with a number of partners in their 50s, and another partner in his mid-30s. The younger partner explained his anxiety to me that when the other partners retire, he will be left with the full responsibility and the risk of running such a large practice. I visited …
The Department of Health announced today (7 August 2019) that they will be consulting over a new set of proposals which will give high earning doctors subject to the Annual Allowance Charge flexibility over the amount they put into their pensions. The proposal is that the same percentage of income chosen to be pensioned will …
New Plans to Help High Earning Doctors with their Pension Annual Allowance ChargeRead More
Bank accounts For good financial governance, we recommend you have a separate PCN bank account, which the members of the PCN have access to. However currently SBS can only have one registered bank account per entity. Therefore, you will need the funds to go into the registered bank account of the nominated payee, and then …
The changes in April 2017 in which the GP practice became responsible for the correct tax treatment of locums does not seem to have changed the position of many locums who still claim to be self employed but on closer examination might be better described as employees of the practice. One of the reasons for …
Despite recent changes that have made working through a limited company far less attractive than before, many GPs, including recently qualified starting to work in general practice, choose to work as a limited company. The purpose of this article is to give a full explanation of how limited companies work and if they are appropriate …
Client Services Partner, Katie Collin, spoke to the Ockham Healthcare team on their recent podcast to discuss all things VAT. Katie covers who needs to be registered for VAT, what services incur VAT, Cost Sharing Groups and the VAT implications of the three models for PCNs. She has also produced a frequently asked questions document …
My experience within the NHS began 9 years ago, when employed as a Finance Officer for a local GP Practice and related Pharmacy Business. Initially using IRIS and SAGE and then Xero, I managed all aspects of the accounting systems including credit control, bank reconciliations, VAT returns, monthly analysis and reporting, year end reconciliations and …
Introducing Bernie Hughes – Our Primary Care Network and Bookkeeping Service ManagerRead More
Pension has become one of the favourite topics in the world of taxation, and below is an overview of important points which GPs should be aware of. Every taxpayer has an annual allowance of £40,000. If the pension growth exceeds the maximum limit of £40,000, then tax is payable on the excess pension growth. However, …
