Summer 2013 AISMA Doctor Newsline published
July 5, 2013
The latest issue of AISMA Doctor Newsline, the newsletter for GPs and practice managers, published by the Association of Independent Specialist Medical Accountants, is published today.
With practices all over the UK straining under the burden of increased workload and falling income, this issue has some welcome advice on how to survive the difficult times ahead.
Leading practice management expert Kathie Applebee kicks off the issue with her thoughts on how practices must tackle some common profit-sapping inefficiencies if they are to survive and develop in the new NHS landscape.
Tips to ease the profit squeeze are offered by several AISMA accountants to help practices looking for new ways to boost income and cut expenses.
With a GP recruitment crisis looming, AISMA Chairman Bob Senior explains why practices that fail to give time and attention to the issue of succession planning may be storing up trouble for the future.
Finally, specialist employment law solicitor Joanne White offers a quick guide to help GPs and their practice managers follow the correct procedures if they find themselves in the unhappy position of having to make staff redundant.
AISMA Doctor Newsline is available exclusively to clients of AISMA accountants.
Doctors wishing to contact their local AISMA accountant can find details on the find an accountant page of this website.
Pulse Finance Diary: July 2013
July 1, 2013
Practice rotas often come under pressure in the summer when partners take holidays, writes Bob Senior. Could working patterns be better controlled? Read more
Q&A: Protection from the lifetime allowance charge
June 27, 2013
The reduction in the lifetime allowance for pension savings from £1.5 million to £1.25 million announced in December 2012 could affect GPs who may have built up pension savings in excess of the limit. Some relief will be available though and on 10 June HM Treasury published a consultation document setting out how a new regime for protecting pension savings against tax charges is likely to work. Here AISMA accountant Luke Bennett summarises a new scheme to protect GPs’ pensions from the lifetime allowance charge. Read more
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