Understanding the GP Pensions Total Rewards Statement
How using a Limited Liability Company to take over a GP practice can help with risks for the last man standing and succession
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 …
New Plans to Help High Earning Doctors with their Pension Annual Allowance Charge
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 …
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GPs – Working as a Limited Company
GPs – Working as a Limited Company Despite recent changes that have made working through a limited company far less attractive than before, many GPs, including recently qualifieds 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 …
VAT for Primary Care Networks explained (Podcast)
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 …
HMRC Changing the Way GPs Claim Their Personal Expenses – and Changing Their Mind – Phew!
HMRC Changing the Way GPs Claim Their Personal Expenses – and Changing Their Mind – Phew! by Laurence Slavin, Partner For as long as I can remember (30 years+!) GP claim their personal expenses as a deduction from their profit share outside the practice accounts. To explain – let’s say there are two partners sharing …
HMRC Changing the Way GPs Claim Their Personal Expenses – and Changing Their Mind – Phew!Read More
Unintended Consequences of the Clinical Negligence Scheme for GPs
Unintended Consequences of the Clinical Negligence Scheme for GPs by Laurence Slavin, Partner Visited a large practice yesterday who have a mixture of salaried GPs, some of which have their indemnity payments paid by the practice and others who receive a higher rate of pay and pay the indemnity themselves. The welcome reduction of the …
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Final Pay Control – A Nasty Charge for GP Practices and Employers
Final Pay Control – A Nasty Charge for GP Practices and Employers by Laurence Slavin, Partner Unlike GPs whose pensions are based on their lifetime earnings, GP staff have their pensions based on their final year’s salary. You might see that there is an opportunity here to hike up the salary of good and loyal …
Final Pay Control – A Nasty Charge for GP Practices and EmployersRead More
An Interesting Chat About the Use of Companies for GPs
An Interesting Chat About the Use of Companies for GPs by Laurence Slavin, Partner Last week I visited a client who had attended a course in London last year in which the speaker, an accountant, asked the audience why they were not all practicing through companies, and paying just 19% corporation tax. The audience were …
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