Category: Money Matters

Financial news and advice for GP locums on tax, pensions, IR35, superannuation, self assessment/self-employment, rates and fees from specialist accountants, financial advisors and the NASGP.

Financial advice for GP locums: insurance, mortgages and pensions

Advice on a range of topics – from insurance to mortgages to investments – and access to advisors who specialise in working with doctors.

GP locum accountancy and tax

Here’s our quick-start introduction to accountancy and tax for GP locums.

Accountancy

Ten tips for setting up your finances as a GP locum: expenses and admin

Tell HMRC you're locuming, hang on to your receipts, tell your accountant about big moves and purchases, and get advice before setting up a company

Accountancy

LocumDeck’s Bookkeeper

Locumdeck's Bookkeeper updates itself completely automatically from the info generated in LocumDeck.

How to write a will: 10 reasons every GP needs an up-to-date record

IFA Kirsty McGaun on the reasons to get your skates on with this essential paperwork.

Financial advice

Podcast: Tori Ferguson Q&A GP tax returns Jan 2025

Tori Ferguson answers questions on taxes, expenses, national insurance, NHS and private pensions.

Accountancy

Video: Q&A – GP tax returns 2023/24 with Tori Ferguson, Honey Barrett

Tori Ferguson answers questions on taxes, expenses, national insurance, NHS and private pensions from GPs.

GPs can ask accountant about tax and pensions at Jan 2025 webinar

GPs can put questions to an experienced specialist medical accountant at NASGP’s first members event for 2025.

Sessional GPs warned of underpaid tax interest risk as deadline looms

Andy Pow, accountant and AISMA board member, said: ‘GPs locums whose income has reduced or who have changed to salaried roles may well be dreading their January 2025 tax bills.’

Accountancy

Five reasons for sessional GPs to review their finances before 2025

It’s time to stop putting off that financial review, Peter Reading writes

Financial advice

Setting GP locum session rates: how much to charge

Hourly and sessional charges, terms to consider, and BMA advice on rate-setting for GP locums.

NHS pensions for GP locums

We explain how the pension scheme works, and give you the tools you need to manage the admin correctly.

NHS pensions

Autumn statement failed GPs by ignoring tax and pensions: BMA

Accountants at AISMA also warned that the rise in employers’ national insurance contributions would increase costs to practices from next April.

Money Matters

Extend January 2025 tax deadline for doctors, accountants urge

The position emerged following a survey by the AISMA in which almost 90% of members who responded identified errors on statements.

NHS pensions

Why October 2024 is so important for GPs’ annual allowance

Annual Allowance statements are typically issued each October for the previous tax year. However, Kirsty McGaun writes, no statements were issued for the 2022/23 tax year due to the McCloud Remedy.

Autumn Statement, October 2024: budget predictions for sessional GPs

Changes to these taxes might be on the table next week, Tori Ferguson writes.

Accountancy

Podcast: Starting out with GP locum accounts with Tori Ferguson

Get advice on how to register, what to record and how to deal with concerns about issues like IR35 with Tori Ferguson, tax manager at Honey Barrett (honeybarrett.co.uk).

Accountancy

GP locums urged to register with HMRC by 5 Oct

Any GP earning over £1,000 in self-employed income must file a tax return.

Accountancy

Video: Starting out with GP locum accounts – Tori Ferguson

Ten key points to help locum GPs successfully manage their self-employment status plus a Q&A on HMRC fraud and IR35.

GPs poised for ‘painful’ autumn budget and possible tax hikes

In its analysis the BBC speculated over lower pension tax relief, higher fuel duties and a possible capital gains tax hike.

Accountancy

Thousands of GPs’ pension records ‘missing’ under Capita, BMA alleges

A new campaign against ‘out of date and inaccurate pension records’ focuses on ‘missing years’.

NHS pensions

What to do if you’ve overpaid tax – McCloud calculator

How to use HMRC's new tool.

‘Unlikely’ all GPs will see 7.4 percent global sum uplift, accountants warn

Uplift of just over 7% to the global sum will 'not necessarily' fund a 6% pay increase for all practice staff.

Accountancy

HMRC cancels 36,000 fines for late self assessment taxpayers

Thousands of self assessment taxpayers who missed a deadline saw their penalties cancelled by HMRC last year as the service struggled to cope with customer service queries.

Accountancy