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.

Making Tax Digital project in question as cost balloons

Rolling out Making Tax Digital may be too expensive to pursue.

Accountancy

Two weeks to payment on account deadline

Tax on account is due on 31 July.

Accountancy

Video: Common GP locum accounting questions

Terry Bentley-Darby took questions from NASGP members at our monthly webinar on Thursday 6 July at 1pm.

Accountancy

Some 3,2000 GPs hit by locum bank’s ‘potential data breach’

It is possible that some bank details may have been exposed via invoices, Pulse understands.

Legal

Free sessional GP accountant Q&A scheduled for July

Terry Bentley-Darby will take questions.

Accountancy

Higher GP pension tiers outstripped by cost of living

Proposed increases bite amid cost of living crisis.

BMA: no need to declare earnings over £156k

Union pushes back on pay transparency.

Accountancy

Inflation and the NHS Pension: proposed changes

Good news about your NHS pension scheme and annual allowance, writes Kirsty McGaun.

Lifetime Allowance swept away in Spring Budget 2023

AA raised to £60k, negative growth can be offset and tapered AA now £10k.

High-earning GP locums must publish earnings by 30 April

GPs must declare earnings over £156,000 within the next six weeks, Pulse reports.

New pension flexibility for 1995 and 2008 scheme members

As of April 2023, it is proposed that members of the 1995 and 2008 sections of the NHS pension scheme can access their pension and lump sum without the need to ‘retire and return’.

LocumDeck’s Bookkeeper

Locumdeck's Bookkeeper updates itself completely automatically from the info generated in LocumDeck.

Changes to make GP retirement more flexible, ministers claim

The Government claims changes to NHS pension such as removing the 16-hour-a-week rule will allow more retirement flexibility, Pulse reports.

NHS pensions

GPs should ‘assume excess AA growth’, specialist IFA advises

Use the Ready Reckoner to estimate NHS pension cost and growth, McGaun added.

How to report excess AA growth without figures

Plus, two postponements that may affect GP pensions.

GPs’ deadline for Type 2 certificates looms

EOY certificates must be in by Tues 28 Feb.

NHS pensions

How GP locums can prepare for the end of the tax year

Sometimes saying no to a session or two at the end of the tax year can make a big difference, warns Liz Densley.

New BMA advice published on Type 2 forms for GPs

GPs can get extra support with Type 2 paperwork thanks to a new guide.

Financial advice for GP locums

Advice on a range of topics – from insurance to mortgages to investments – and access to advisors who specialise in working with doctors.

Financial advice

GPs urged to respond on pensions taxation

GPs should protect their pensions by responding to a new government consultation on taxation, the BMA’s National Clinician Adviser on Pay & Pensions and deputy chair for pensions advised.

NHS pensions

GP pensions issues ‘cost thousands’ in fees and sessions

GPs report spending thousands in legal fees, and ‘a session a week’ on paperwork.

NHS pensions

Video: Self-employed GP locum accounting

An accountant advises how tax and NIC works for self-employed GPs.

Autumn statement: More GPs to pay top rate of tax

High-earners will pay £1,200 a year more, Hunt told MPs: "Asking more from those who have more means that the first difficult decision I take on tax is to reduce the threshold at which the 45p rate becomes payable from 150,000 pounds to 125,140 pounds."

Accountancy

How to file pensions paperwork from 1 Oct 2022

Find out how to use pension forms on LocumDeck to apply new pension contribution rates

NHS pensions