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Tax implications of partnership vs salaried GP

13th March 2013 by Liz Densley

So if you are ready to settle down in one practice, what are the pros and cons of partnership vs salaried GP in tax terms?

As a salaried GP you will be taxed under PAYE, so you will only need to complete a tax return if you have other untaxed income, or income subject to higher rates of tax that is material. You do still have a duty to notify the Revenue if PAYE has not deducted the correct amount of tax. You also need to remember to make a claim for professional subscriptions if they are not met by your employer.

For your pension you will need to complete the fairly simple Type 2 practitioner certificate at the end of each year. Often the practice manager or partnership accountant will help you with this if you are unsure.

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"I fell into a salaried role post-CCT, so faced with an unexpected relocation to a completely new area of the country the thought of GP locuming was incredibly daunting.

The assistance I have received from NASGP has been invaluable. I have received excellent and patient admin support when setting up my LocumDeck account. I have enjoyed the monthly chambers meetings I have attended: this made locuming feel far less isolating.

I have easily found plentiful work and am grateful for the invoicing and pension forms being taken care of – this gives me time to focus on the clinical work or make the most of precious days off.

With the support of NASGP Locum Chambers I have filled my diary working in a variety of practices in my new area, and have now joined one practice I enjoyed locuming at on a salaried basis while I continue to do some locum work on top using LocumDeck."

Dr Joanne Wright, GP, Essex

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