Five steps to take before cutting your hours to avoid pensions tax
April 22, 2014
The new pension lifetime allowance of £1.25m will mean that generally, any GP retiring from the 1995 section of the NHS pension scheme with a pension of over £54,347 will have to pay a lifetime allowance (LTA) tax charge. AISMA accountant Faye Armstrong weighs up the pros and cons for GPs thinking of working fewer hours to reduce the risk of incurring the LTA pension tax charge. Go to the Pulse website to find out more.
How your practice can cope with this year’s funding swings
April 11, 2014
With a 40% reduction in QOF points, an 11% rise in the value of the global sum and the MPIG being phased out over the next seven years and distributed among all practices, GPs will find major changes to their cash-flow throughout the year. AISMA accountant Melanie Thomas gives her advice on how seven different types of GP practice can navigate major changes in practice funding this year. Read more on the Pulse website
Five typical tax enquiries and how to handle them
April 8, 2014
Tax inquiries into GPs remain relatively rare. Most GPs occasionally receive a request from HMRC for information on aspects such as an interest or pension payment and the accountant normally deals with these. GPs who experience these relatively passive inquiries should have little to fear provided they stay on top of their financial affairs. AISMA accountant Anthony Brand has some advice for GPs who run the risk of unintentionally falling prey to a tax inquiry. Read more
Pulse finance diary: April 2014
April 1, 2014
An up-to-date partnership agreement will ensure your practice is well placed to withstand potential upheaval. AISMA chairman Bob Senior has some advice for GPs on how to future-proof the practice against partnership changes. Go to the Pulse web site
Practice Management: Cautionary tales
March 17, 2014
Recent cases from AISMA accountants prove that specialist legal and accountancy advice always pays its way. Read more
AISMA accountants comment on pay decision
March 13, 2014
The government’s decision on GP pay received wide-spread coverage in the GP press. Read the reaction from AISMA committee members Luke Bennett and Bob Senior as published on the Pulse website.
Pulse finance diary: March 2014
March 1, 2014
As the 2013/14 QOF year draws to a close, GPs are doing all they can to maximise their achievement, writes Bob Senior. Read Work hard and smart in the great QOF chase on the Pulse website
Pulse Dilemma: DES losses row
February 6, 2014
Should you make a partner pay for losses resulting from the poor implementation of a DES they were leading on? The local area team has refused to pay your practice income due from work on a DES. When you discuss what went wrong, it transpires one partner made critical mistakes. Another partner argues they should personally meet the costs lost. AISMA Chairman Bob Senior joins the debate. Read more.
Practice Management: GP pensions
February 3, 2014
Practice managers are meant to be the fount of all knowledge on all topics, and are often asked questions by their GPs about pensions. AISMA committee member Luke Bennett offers a layman’s guide to what you need to know, and equally what you don’t! Read more
Pulse finance diary – February 2014
February 3, 2014
When the new tax year starts on 6 April there will be two significant tax changes affecting pensions – changes that GPs should be taking stock of now, writes AISMA Chairman Bob Senior. To find out more visit the Pulse website.