Money Matters

State-backed indemnity – 
what it means for sessional GPs

There's still some uncertainty about the new state-backed indemnity scheme for England and Wales, and Rachel Birch from the MPS has the answers. What is state-backed indemnity? The state-backed scheme will provide GPs with indemnity for clinical negligence claims, arising from work undertaken under NHS-contracted primary medical services. This will be a similar arrangement to…
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Confused by Type-2 Self-Assessment forms?

With the deadline for completion of Type 2 certificates by the end of February, we thought we’d cover some of the questions we’ve been asked recently. Why do we have to fill in a form? The intention of the certificate is to check that the right tier rate has been applied and to provide a…
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Five financial tips 
for GP locums

Being a locum has many advantages: greater flexibility, autonomy and variety. But there are some disadvantages too: peaks and troughs in income, difficulties with getting a mortgage and uncertainty about your financial situation if you fall ill or die, to name just a few. Modern life can compound matters too. A recent report has found…
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Is my pay all going on income tax?

Liz Densley is often get asked ‘Is it worth working harder and earning more? Or am I paying it all in income tax?’ Here she explains a better balance. There are certain ‘crunch points’ at income levels where it can make a material difference, depending on various circumstances, to different types of tax liabilities. There…
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Will you get your death in service benefit?

Locums are becoming a vital part of increasingly pressurised general practices, yet the NHS benefits they’re entitled to are not always as fair as they could potentially be. While locums can contribute to the NHS pension scheme, one critical benefit is not always available: death in service. If we were all clairvoyants with a crystal…
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Computer says no – GP locum mortgages

After a flood of clients taking out or renewing mortgages recently, Liz Densley explains some simple steps you can take to make sure you get a the house you want. Lenders are very much working on ‘computer says no’ basis, rather than human interaction being able to be used to make a decision. So what…
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Start planning now for 
next year’s tax

It’s not long until the end of the tax year - what should you be thinking about? Have you used your full ISA allowance? Are you or your spouse wasting any of your personal allowance? If you are a basic rate taxpayer and your spouse is not using their personal allowance, you may be able…
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Beware the NHS pension annualisation booby trap

Since this article was published on 24 January 2018, the situation regarding the legitimacy and application of annualisation has moved on. BMA withdraws its guidance on annualising of 2015 pension scheme contributions, 23 February 2018 Brief respite for GPs struggling to comprehend and complete Type 2 forms, 27 February 2018. Nestled within the 2015 NHS…
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