Category: Money Matters

Financial news and advice for GP locums on tax, pensions, superannuation, rates and fees from specialist accountants, financial advisors and the NASGP

GP locums must claim for £7.5k SEISS grants by June deadline, leaders warn

GP locums must claim for £7.5k SEISS grants by June deadline, leaders warn

GPs must have filed a tax return for 2019/20 and worked (or expected to work) in 2020/21 to be eligible.

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GP locums asked for IR35 exemption ‘proof’ by out-of-hours providers

GP locums asked for IR35 exemption ‘proof’ by out-of-hours providers

GP locums across the South West, Home Counties and the Midlands have raised concerns that out-of-hours organisations are unnecessarily seeking to mitigate the changes.

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Changes to Locum Form B 2021/22

Changes to Locum Form B 2021/22

The guidance notes advise that Box j is “to assist with declaring your correct tiered rate.”

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GPs who got thousands in pensions compensation silenced by NHS gagging clause

GPs who got thousands in pensions compensation silenced by NHS gagging clause

Dr Richard Fieldhouse, chair of the NASGP, said: "GP Survival’s work has highlighted the lengths that PCSE is happy to go to in order to avoid being overwhelmed by their creaking systems as they seek to correct pension records."

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GP locums’ SEISS scheme maintained and expanded in new Budget

GP locums’ SEISS scheme maintained and expanded in new Budget

GP locums will be able to maintain access to financial support through the Self Employment Income Support Scheme (SEISS) until September 2021, and GP locums who joined the sector in 2019/20 will also be able to claim, according to the new Spring Budget.

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Free membership scheme launches in Devon, Oxfordshire and Berkshire

Free membership scheme launches in Devon, Oxfordshire and Berkshire

Dr Richard Fieldhouse writes: “By enabling local GPs and practices to have unfettered access to NASGP resources, we provide the simplest way for practices to link in with local locums."

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What does the McCloud consultation mean for my pension?

What does the McCloud consultation mean for my pension?

What are the practical implications of the McCloud consultation, and what do you need to do now (or not, as the case may be)?

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Nine tasks for sessional GPs to prioritise before the end of the tax year 2020/21

Nine tasks for sessional GPs to prioritise before the end of the tax year 2020/21

It is the end of the tax year, and we must check we are in a good state to wave goodbye to 2020/21 and hello to 2021/22. We know you are all short on time so here is a quick guide to the things to tick off before it's too late.

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Three ways new NHS Pensions changes could affect GPs

Three ways new NHS Pensions changes could affect GPs

Annual allowance, compensation, and retrospective taxation could all hit GP locums and salaried GPs now, or in the next two years. Kirsty McGaun, Legal & Medical, advises

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No change to GP pension taxation, MPs rule

No change to GP pension taxation, MPs rule

The Government has approved ‘deferred choice underpin’ but refused to change the rules on the tax-free pension allowance.

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Pensions form A and B ‘10-week rule’ suspended for GP locums for the tax year 2021/22

Pensions form A and B ‘10-week rule’ suspended for GP locums for the tax year 2021/22

NHS Pensions has confirmed that the ‘10-week rule’ for pension forms has been suspended for 2021/22.

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Pensions ‘traps’ put sessional GP income at risk, BMA pensions committee chair warns

Pensions ‘traps’ put sessional GP income at risk, BMA pensions committee chair warns

Vishal Sharma, BMA pensions committee chair, highlighted ‘less than full-time work’ and parental leave – two of the key concerns for many NASGP members. 

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Switching between salaried and freelance work

Switching between salaried and freelance work

In 2020 greater incidence of GPs switching between salaried and freelance roles, rather than just having a mix of both, poses new questions for self-employed GPs, Liz Densley writes

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Capita under fire over NHS Pensions problems

Capita under fire over NHS Pensions problems

Doctors are up in arms over pension and primary care support shortcomings, the Financial Times’s FT Adviser reports.

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How will having a lower income from sessional work affect my tax return this year?

How will having a lower income from sessional work affect my tax return this year?

Specialist medical accountant Liz Densley explains

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What is income protection?

What is income protection?

Income protection is a policy that provides GP locums with a replacement income if they are unable to work because of injury or illness. Kirsty McGaun explains how it works, and explodes a few old myths

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One in four GP locums miss out on death-in-service, new NASGP survey finds

One in four GP locums miss out on death-in-service, new NASGP survey finds

Of 158 responses, 25.3% said they couldn’t access death-in-service.

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Ten tips for setting up your finances as a GP locum

Ten tips for setting up your finances as a GP locum

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

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The ‘firefighter fiasco’: how age discrimination in public pensions affects GP locums

The ‘firefighter fiasco’: how age discrimination in public pensions affects GP locums

The Government has confirmed that changes made to firefighters’ pension in 2015 were age-discriminatory, and they will impact all public sector pensions

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Financial advice for GP locums working ‘overtime’

Financial advice for GP locums working ‘overtime’

Beware of unforeseen financial impact on NHS pension, national insurance and tax, specialist medical accountant Liz Densley advises

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NASGP’s legal advice on NHS Pension ‘Death in Service’ benefits

NASGP’s legal advice on NHS Pension ‘Death in Service’ benefits

Thanks to generous donations from NASGP members, we commissioned advice from specialist employment lawyer Ray Levy and barrister Mary O’Rourke QC on ‘Continual Service Contracts' and death in service benefits during Covid-19

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NHS England must not force GPs into ‘banks’

NHS England must not force GPs into ‘banks’

The one-size-fits-all model ignores the complexity of working as a GP locum

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NHS pensions

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

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Setting the right locum rates

You need to charge rates that work both for you and for the GP practices that book you. We help you calculate what’s fair and profitable, and support you in negotiating the best terms.

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