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.

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

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.

Tax cuts predicted for 2024 Spring Budget

Better take-home pay may come at the cost of funding the NHS, journalists warn.

Accountancy

As a GP locum, do I need long-term sickness insurance cover?

Are all income protection policies the same? The blunt answer is a most definite “no”.

Type 2 pension form deadline extended by one month

PCSE has granted the extension following the changes to pensions from 1 October 2023.

NHS pensions

GPC rejects ‘derisory’ 1.9% GP contract offer

Dr Bramall-Stainer told GPs: 'This regrettably falls far below what we realistically need to keep our heads above water.'

Register as a self-employed healthcare professional

Our five-step guide explains how to approach income tax on self-employed earnings.

Money Matters

HMRC to charge 7.75 percent interest on late tax payments

Plus 5% if the 2022-23 balancing payment is not paid within 30 days, accountant warns.

Accountancy

Video: Starting out with GP locum accounts

Adrian Cousens, director of RSM UK, presented a half-hour event with a Q&A for NASGP on 5 October.

How to avoid overpaying self assessment tax

Don’t pay more than you need to, specialist medical accountant Liz Densley warns.

Managing expenses for GP locums and salaried GPs

Which expenses paid by the individual (not the employer) are tax deductible? Liz Densley and Tori Ferguson explain.

Accountancy

One in ten practices at risk now half of GPs over retirement age

Pressure on practice budgets and workforce have made GP partner and salaried roles increasingly unappealing for GPs.

‘Priority’ queries only for HMRC phonelines until 31 January

Taxpayers will receive no support with frequently-asked questions from helplines over seven weeks to the Self Assessment deadline.

Accountancy

More GPs face higher tax bills after Autumn Statement freeze

Despite the abolition of Class 2 National Insurance contributions, more GPs face higher income tax bills, accountants have warned.

Accountancy

Lowest-earning GPs to pay higher pension contributions

But GPs with pensionable earnings of £75,633 per year or more will pay lower NHS pension contributions rates from April 2024.

NHS pensions

GP locum pension forms updated on LocumDeck

LocumDeck has already introduced the new pension forms to be used from October 2023 onwards.

NHS pensions

Spring Budget slowed NHS Pension drop-outs, FOI finds

Join our free event, 'Starting out with locum accounts', to learn more about how to manage your NHS pension, and how the McCloud remedy affects you.

NHS pensions

GPs to get final McCloud remedy, compensation

GPs may benefit from proposed changes to NHS Pension Scheme Regulations according to a new Government consultation.

NHS pensions

Free GP locum accounting talk launched for October

Adrian Cousens, director of RSM UK, will present a free 45-minute talk with time for questions as part of NASGP’s monthly webinar on the first Thursday of every month.