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.

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.

Competition law ‘change’ won’t impact locums, NASGP warns

A relaxation of advice around rates needs more clarity, the NASGP warns.

BMA launches legal challenge against NHS pensions changes

The BMA has taken the first steps towards a judicial review into the cost of age discrimination.

NHS pensions

How to record locum income for HMRC

Choose a method and then stick to it, unless there are sound justifications for changing, Tori Ferguson advises.

Money Matters

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

Locums held average rates at 2020 levels, new survey finds

Average hourly and daily rates remained static, poll of 441 GPs reveals.

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.

‘Empty promise’ on salaried GP pay leads BMA leaders to quit DDRB negotiations

NASGP fully supports the fight for salaried GPs to be remunerated fairly.

Locums lose hours on pensions paperwork after PCSE portal fails, drops auto-fill forms

Locums said PCSE’s errors had put them off the NHS pension altogether.

GPs ‘mistakenly given access to colleagues’ pension data’, campaigners report

NASGP urges any members who encounter this error to report it to PCSE, and on NASGP’s exclusive members’-only forum.

NHS pensions

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

GPs warn that higher indemnity costs will put more pressure on the workforce crisis

Not only does it make sense for indemnity costs to be provided by the NHS within which GPs work, but also that everyone is treated equally.

Call for review of GPs’ re-registration processes amid Covid-19 workforce crisis

Dr Hughes’ comments came just days before the publication of a highly critical report into how Covid-19 burnout is accelerating the NHS workforce crisis.

PCSE bank holiday pensions portal mistake alarms sessional GPs

A history of mistakes and errors has left GPs disappointed and nervous about changes by PCSE.

NHS pensions

BMA: GPs must be exempted from minimum pension age increase

Dr Fieldhouse, NASGP chair, said: ‘This government needs to stop micromanaging contributory work benefits like the NHS Pension Scheme, particularly at a time when we are trying to encourage more GPs to work in the NHS.'

NHS pensions

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.”

GPs who got thousands in pensions compensation silenced by NHS gagging clause

Dr Richard Fieldhouse, chair of the NASGP, said: "GP Survival’s work has highlighted the lengths that PCSE is happy to go to in order to avoid being overwhelmed by their creaking systems as they seek to correct pension records."

NHS pensions

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.