Q&A: Tax changes for GP partnerships
June 3, 2013
AISMA accountant Luke Bennett explains how new rules might disadvantage GPs using corporate partner arrangements.
In the Chancellor’s Budget speech on 20 March, George Osborne announced that he wanted to bring in new legislation ‘to stop the abuse of partnership rules’. HM Revenue & Customs have now issued a consultation document setting out the proposed changes to the tax rules on partnerships, with the intention that the changes will take effect from 6 April 2014. The proposals will result in a crackdown on GP partnerships that include a corporate member. Read more
Practice Management: Calculating partners’ drawings
June 1, 2013
At our accountancy firm we are finding that our practice managers are now frequently asking for help calculating increasingly complex drawings. There are several reasons why things are so much more complicated these days. The changes in the NHS and the pressure on GPs means more and more partners are taking 24-hour retirement and returning at a reduced share. Younger doctors are more inclined these days to decide that full time is too much for them.Partners today no longer look on partnership as a lifetime commitment. In simple terms there are two main ways of dealing with partners’ drawings. Read some advice from AISMA accountant Abi Newbury
Pulse Finance Diary: June 2013
June 1, 2013
As GPs start to look at draft accounts, new tax rules will complicate the pooling of income from CCG roles with other practice profits, says Bob Senior. Read more
AISMA accountants comment on rising stress levels for GPs
May 31, 2013
GPs are taking drastic action to reduce their stress levels, with many cutting the numbers of sessions they are doing, changing practices or quitting general practice altogether, say medical accountants. Read more
Pulse Dilemma: When a partner burns out
May 28, 2013
How should you react when your GP partner isn’t coping?Three experts advise on the legal, practical and financial considerations. Read more
Practice Management: Cash flow forecasting and monitoring
May 1, 2013
There isn’t much positive finance news for GPs at present, which makes cash flow planning and monitoring an important task for many practice managers. Often a low priority when times are good, cash flow forecasting now needs to be higher up the priority list.
Chris Howe explains how aligning GP drawings with practice cashflow will avert a financial crisis.
Pulse Finance Diary: May 2013
May 1, 2013
With GPs facing an unprecedented workload as a result of the new contract deal, now is the time to improve your time management. Bob Senior explains how. Read more
Eight key questions that will help you make the most of your premises
April 29, 2013
AISMA accountant Nick Stevenson summarises what property-leasing and -owning GPs need to know about the financial aspects of premises management. Read more
Five steps to managing finances when a partner retires
April 17, 2013
AISMA accountant Anthony Brand explains how to plan the financial aspects of a retiring partner
When a senior partner retires – and ‘really’ retires, rather than taking 24-hour retirement, there are plenty of things to think about.
Most retirement processes are entirely manageable if properly planned. The watchword is plan ahead so you know what to expect and involve the whole team including accountants, lawyers and bankers.
This guide covers the essential financial considerations in five steps. Read more
Pulse Analysis: What the changes to the premises rules mean for your practice
April 11, 2013
Accountant Luke Bennett looks at the implications of the changes in the GMS Premises Costs Directions 2013
Removing the need for GPs to declare their private income was completely unexpected. Perhaps as the Department of Health has said, it’s just to reduce bureaucracy – or maybe it’s a recognition of where the NHS is going, with the introduction of Any Qualified Provider. Read more