AISMA in the news

AISMA members regularly write in the specialist GP and practice management publications, offering expert advice to doctors on the key issues of the day.

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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

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

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  • Liz Densley
  • AISMA Secretary
  • Honey Barrett Ltd
  • 48 St Leonards Road
  • BEXHILL ON SEA
  • TN40 1JB
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