Category: Accountancy

Read the latest advice from specialist GP accountants on topics like IR35, pensions, tax and the Self-Employment Income Support Scheme.

IR35 reforms to be repealed from next April

2017 and 2021 reforms to be withdrawn.

Annualisation versus whole time equivalent (WTE) pay

Tori Ferguson of Honey Barrett explains the difference between whole time equivalent pay and annualisation for GP locums

How 2022 annualisation affects sessional GPs

What if payments have been made at the wrong rate? All the advice sessional GPs need on annualising income.

How the Spring 2022 statement affects GPs

Honey Barrett summarises the key info GP locums and salaried GPs need to know.

Practices ‘should not pay “pension included” rates’

Practices that pay a rate inclusive of pension contributions ‘shouldn’t be doing so’, specialist medical accountants advised this week.

GP locum and the NHS pensions: four dilemmas

While pensioning your locum income sounds simple enough, you do need to understand the rules to avoid some potential issues, write Liz Densley and Abi Newbury of Honey Barrett.

GP Type 2 deadline extended

PCSE has pushed the deadline to 7 March.

Accountancy

HMRC deadline extended for self-assessment

But specialist medical accountants warn against waiting.

Accountancy

Self assessment extension: advice for GP locums

Should GPs use the extension or not? Specialist medical accountant Liz Densley advises.

Accountancy

Managing cashflow as a GP locum

Specialist medical accountant Liz Densley shares six questions for a locum's budget.

PCSE advice: Accessing draft Type 1 and 2 forms

PCSE has produced a useful guide to accessing draft Type 1 and 2 forms. Download it here.

Doctors overpaid ‘extremely complicated’ charges by £11m

A group of doctors overpaid pensions tax to the tune of £11m, a financial advisory firm reports.

Accountancy

Making Tax Digital for GP locums

Liz Densley's advice for GP locums on HMRC's new approach.

NASGP writes to PCSE for pensions clarity

GP locums are becoming increasingly frustrated by the new PCSE pensions portal, NASGP founders told PCSE in an email this week.

How does IR35 affect GP locums?

IR35 only takes effect in an intermediary company (or partnership) between the GP and practice – so it doesn't affect sessional work.

Accountancy

How will annual allowance charges affect me this year?

Don’t just assume you are below the limits, Liz Densley advises – make sure you are aware what your ‘pension inputs’ are.

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

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

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.

Accountancy

How to use the 2022 Locum Form B

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

GP locums’ SEISS scheme 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.