Accounting for Salaried and Locum GPs
At Larking Gowen we have decades of combined experience looking after the accountancy needs of locums and salaried GPs.
As a locum doctor, expert advice is important when you choose your trading structure, whether it's on a self-employed basis, or as a limited company. If you're setting up in business, we can give you examples of financial comparisons to help you make the right decisions.
As a salaried or locum doctor we can advise on becoming a GP principal, providing you with reviews of practice accounts, before making a decision.
We can also advise on relevant expenses that can be claimed, depending on your circumstances. If you are a member of the NHS Pension scheme we can assist in keeping your pension record up to date.
Larking Gowen will give you all the support, in accounting and financial matters, you need as a doctor including:
- Tax returns and advice on liabilities, including national insurance
- Advice on tax planning and tax savings
- Pension contributions (NHS and private)
- Personal expenses
- Advice on pension annual allowance
- Advice on becoming a GP principal
- Access to our network of specialist medical financial advisers
- Specialist technical advice in relation to your tax affairs, including capital gains tax and inheritance tax
NHS Pension Schemes – Remediable Pension Saving Statements (RPSS)
Members of the NHS Pension Schemes will have received, or will be receiving, an RPSS from NHS Pensions, detailing the amended growth in the 1995/2008 and 2015 schemes between 1 April 2015 to 31 March 2022.
Action may need to be taken as a result of receiving this statement, in that members would need to inform HMRC of any changes to previously reported annual allowance tax charges, or report details of a new charge. The general deadline for reporting to HMRC is 3 months from the date of the RPSS, however, we don’t believe these to be firm deadlines, and no penalties will be levied if submissions are not made within this timeframe.
The McCloud remedy will impact anyone who transitioned to the 2015 pension scheme when it was introduced on 1 April 2015, or at a later date if you had tapered protection. As this transition was ruled to be age discriminatory, members' benefits have been amended to revert membership from the transition date through to 31 March 2022 back into the legacy (1995/2008) scheme, which has led to the pension growth figures needing to be recalculated and the remedial statements being sent to members.
If you have received a statement from NHS Pensions, please do get in touch and we can discuss next steps with you.
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