Pulse finance diary: July 2014
July 3, 2014
The 31 July tax deadline may trigger anxieties for many GPs. Most practices have gone some way towards improving efficiency but as the first quarter of the new contract ends, they must look at their long-term financial strategy. Federations are enjoying unprecedented popularity among GPs, says AISMA Chairman Bob Senior. But they are no ‘sticking plaster’ solution. Visit the Pulse website to find out how to make sure a federation works for you.
Practice Management: a winning hand
June 13, 2014
It is a fact of life, let alone business, that people come and go, and GP practices are no exception. At some point, a partner will leave, whether to retire, emigrate or simply move elsewhere and this, of course, will affect the partnership. For many GP practices this is a really hot topic since the current changes and uncertainties in primary care have led to plenty of GP partners considering early retirement as workload pressures increase. AISMA accountant Phil Harnby suggests that, if you play your cards right, it’s easy to deal with GP partner departures and arrivals. Download article
Pulse finance diary: June 2014
June 4, 2014
With profits under pressure, GPs looking for non-NHS income will need to work out if the effort will pay off. While most practices receive some non-NHS income – from private medicals, copying patients’ notes and signing forms – there are a number of other opportunities GPs can consider. AISMA Chairman Bob Senior has some tips on how to boost private income and make it worthwhile. Go to the Pulse website to read the article
Practice Management: May the best team win!
May 20, 2014
With falling practice income, a principal driver for practices considering a merger is the opportunity to tender for more services. AISMA accountant James Gransby lines up the best tactical moves for practices considering a merger. Download article
Pulse Q&A: Buying into a care home
May 7, 2014
On the face of it care homes represent an area of primary care where there is insufficient funding. Yet some GPs have bought into the care home market by securing private contracts with the owners. Some, more entrepreneurial GPs have bought the actual care home business itself. AISMA accountants Paul Congdon and Nick Holmes offer advice to GPs about investing in a care home. Visit Pulse website
Pulse finance diary: May 2014
May 6, 2014
Bringing last year’s accounts up to date is urgent for practices with a 31 March year-end. In an ideal world, financial records would be updated throughout the year, but they often fall to the bottom of the ‘to do’ list and end up being a big job for many practices at this time of year. AISMA Chairman Bob Senior outlines three key mistakes GPs make when filing accounts. Go to the Pulse website to find out more
Practice Management: All sewn up!
April 28, 2014
Everywhere in general practice, the talk seems to be about federations. So, should your practice be involved or not? What are the pros and cons? AISMA accountant Deborah Wood pieces together the essential pattern to forming a federation. Download article
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