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.

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A new campaign against ‘out of date and inaccurate pension records’ focuses on ‘missing years’.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

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.

GPs should not get more than 2% pay uplift in 2024/5: NHS England

News coincides with the release of a BMA resource that lists recommended questions for GPs to ask practices during interviews for a salaried role.

Higher GP pension tiers launch amid jobs crisis

NHS pensions

Ten common questions about GP locum pensions

Essential info on Locum Form A and B.

NHS pensions

GPs got ‘little in the way of good news’: Spring Budget 2024

Both GP locums and salaried GPs will benefit from further NIC cuts.

Accountancy

Tax tips and tricks for GP locums and salaried GPs

Join Richard Fieldhouse and Tori Ferguson as they delve into the world of tax advice for GP locums in this episode of the Art of GP Locuming podcast.

What GPs need to know about the Spring Budget 2024

Liz Densley on the National Insurance Contribution cuts and child benefit changes that affect GPs.

Accountancy

Getting a mortgage when you work as a GP locum

Carrying out thorough research and having a high level of knowledge in this area is key, as there are a number of mortgage market misconceptions and vastly different treatment between lenders.