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.

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

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.

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

GP accountant to field questions from sessional GPs next month

Tori Ferguson, a tax manager at the specialist medical firm Honey Barrett, will take questions from sessional GPs ahead of her talk to NASGP members on Thursday 5 September.

Accountancy

Over 500k taxpayers caught by 60% tax trap

More than half a million UK taxpayers – nearly a quarter more than last year – are now paying 60% tax due to frozen thresholds.

Accountancy

GPs to submit questions for September locum accountancy event

GPs can ask questions and get advice from specialist medical accountant Tori Ferguson at NASGP’s free webinar in September.

Ten common questions about GP locum pensions

Essential info on Locum Form A and B.

NHS pensions

New 2023/24 tax return exemptions for GPs: is it really more simple?

The threshold for GPs who only have PAYE employment income to file a tax return has risen from £100,000 to £150,000 – Tori Ferguson explains how this affects NASGP members.

Accountancy

How have employers’ contributions changed for GP pensions in 2024/25?

Employers' contributions to NHS pensions have increased, but confusingly the increase is not being paid by practices.

NHS pensions

Higher-earning GPs without extra income can skip tax returns: HMRC

Salaried GPs earning higher sums through PAYE will no longer need to file a self-assessment tax return for 2023/24, providing they have no other income.

Accountancy

GPs ‘recouped significant sum’ of out-of-hours holiday pay

GPs who see employment benefits such as holiday pay withheld from out-of-hours work could be eligible to reclaim sums following changes at an employment tribunal.