Archive for the ‘Healthcare’ Category

24-hour retirement advice for GPs

Posted on: May 15th, 2018 by Sarah Curzon No Comments

Practice managers are often relied on by GPs to research some very technical topics; or they might be asked to monitor the smooth running of actions on which external advice has been sought. An example is 24-hour retirement. Here are some facts to be aware of. (more…)

Protect Your GP Partnership Against a Collapse

Posted on: September 1st, 2017 by Sarah Curzon No Comments

Our Medical Accountant Explain how to Protect Yourself Against a Collapse in Your GP Partnership

Despite the UK general practice narrative of working at scale through super partnerships, practice mergers and the like, some GPs continue to operate as single handers by choice, and happily so. Accountable to no-one but themselves, these GPs feel it is the perfect practice model for their particular circumstances. (more…)

NHS Pension Members – Annual Pension Benefit Statements

Posted on: August 17th, 2017 by Sarah Curzon No Comments

The NHS Pensions Agency previously provided its members with an annual pension benefits statement upon request. Total Reward Statements (TRS) have been introduced to provide NHS members with a better understanding of the benefits which they have or may have access to.  In order to obtain an annual pension benefit statement, members will now need to access their NHS Pension TRS on-line. (more…)

Is your practice at risk of ‘last man standing’?

Posted on: August 4th, 2017 by Sarah Curzon No Comments

Medical accountant Sarah Curzon explains how to protect yourself against a collapse in your GP partnership

Despite the UK general practice narrative of working at scale through super partnerships, practice mergers and the like, some GPs continue to operate as single handers by choice, and happily so. Accountable to no-one but themselves, these GPs feel it is the perfect practice model for their particular circumstances. (more…)

July GP update

Posted on: July 17th, 2017 by Sarah Curzon No Comments

Annual allowance pension charge

Each year you are only allowed to contribute a certain amount to a pension on which you get tax relief. For GPs this is even more complicated as regardless of the amount paid the allowance available is measured against the increase in value of your pension pot. So there is a charge to tax when pension saving for the tax year (increase in value of the pension fund) exceeds this annual allowance for the year. The current allowance is £40,000, although this will be subject to restriction if the value of your total income plus the increase in your pension pot exceeds £150,000. Then the allowance of £40,000 will reduce by £1 for every £2 over the £150,000. Once your income plus annual increase in pension exceeds £210,000 the allowance is restricted to £10,000. The allowance can be increased by any unused relief brought forward (for a period of up to 3 years). It is important to note that the NHS Pensions Agency takes a long time to issue pensions savings statements after processing the GP certificates of pensionable profits each year and these are not normally available when we prepare your tax return. (more…)

Navigating the Lifetime Allowance and Pension Protection maze for GP’s

Posted on: November 22nd, 2016 by Sarah Curzon No Comments

Sarah CurzonThe Lifetime Allowance is a combined limit on the total amount of pension benefits which an individual may build up in pension schemes. Up to the quantum of the Lifetime Allowance benefits may be taken as a lump sum or as pension income without triggering a tax charge. For the purposes of the Lifetime Allowance a calculation of NHS scheme benefits is made. If an individual’s pension benefits from one or more sources exceed the Lifetime Allowance then a tax charge is rendered on the excess above the limit on the following basis:

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GP’s – How to find alternative income sources when profits are falling

Posted on: November 7th, 2016 by Sarah Curzon No Comments

Sarah CurzonWith GP profits under pressure, many incomes sources classed as alternative a few years ago have become the norm. Here is some advice for practice managers needing to pursue new ideas on how to maximise income for their practices.

Maximise the income from the surgery premises

Consider using spare rooms for services that may complement the surgery during opening times such as physio, counsellor, chiropodist or therapist. Offering a convenient one-stop-shop by keeping services close by could help the practice retain patients or attract new ones.

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National Living Wage

Posted on: January 26th, 2016 by Sarah Curzon No Comments

Sarah CurzonThe National Living Wage (announced by the Chancellor in Budget 2015) is due to be introduced from April this year to £7.20 per hour for over 25 year olds. This could potentially cost small businesses as much as £2 billion, so planning cash-flow will be key for small businesses, especially as the National Living Wage is set to rise to £9.00 per hour by 2020.

The cost to business is likely to be significant, especially for businesses who are reliant on part-time workers such as the tourism and hospitality sector and those in the care sector.

From an employee’s perspective the Government have put a very positive spin on this announcement but for business owners this could have negative repercussions. Many businesses fear that they will be forced to make redundancies to manage ever increasing salary costs. This comes at a time when the Government are also ensuring employers provide pensions for employees through Auto-Enrolment. Many employers have still not yet gone through the Auto-Enrolment process and may have no idea of the impact of the cost increases that face them.

The wage hike will affect workers aged 25 and over, and is reportedly set to boost the salaries of over six million people. The National Minimum Wage rates will stay the same for workers aged 24 and under.

For advice on how this can affect your business and help with cash flow management and forecasting please contact us on [email protected]

Summer Budget 2015 – changes for doctors could prompt early retirement

Posted on: July 16th, 2015 by Sarah Curzon No Comments
Sarah Curzon, Tax Director, MHA Broomfield Alexander

Sarah Curzon, Tax Director, MHA Broomfield Alexander

Changes unveiled in the budget could prompt doctors to consider early retirement and many healthcare professionals would be affected by the change.

From April 2016, the amount that top earners can pay into pensions will be reduced. Those with income above £110,000 will have their annual allowance reduced from £40,000, gradually tapering away to £10,000.

The new arrangement will increase their personal tax liability and add further complications to an area that is already confusing, potentially making many doctors consider early retirement from the NHS scheme. With a GP shortage already in primary care this may only worsen that position. Doctors should seek early advice over this impact in order to plan accordingly.

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Getting the most out of the accountants visit

Posted on: June 2nd, 2015 by Sarah Curzon No Comments
Sarah Curzon, Tax Director, MHA Broomfield Alexander

Sarah Curzon, Tax Director, MHA Broomfield Alexander

At this stressful time of year, the NHS year end the practice accounts year end, of coincide. Its important therefore to get the most out of your accountants visit during this very busy period as practice managers often feel under pressure.

All the paperwork to have ready:

  • Invoices
  • Receipts
  • Bank statements and loan statements
  • Bookkeeping up to date and reconciled with a list of unpresented lodgements and expenses provided
  • Stock take at year end
  • Payroll records
  • Outstanding payments
  • Outstanding income
  • GMS statements
  • Profit shares and capital shares
  • Prior shares and charges
  • Then there’s organising the partners:-
  • Have they completed their personal expenses?
  • Have they completed their tax questionnaire?
  • Are their company accounts up to date?

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