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Author Archives | AISMA

AISMA

AISMA

Should you accept an offer of becoming a partner in the practice?

The partners have shown how much they value your contribution to the practice by offering you the opportunity to become a partner. While the recognition is gratifying, what does it actually mean, especially from a financial perspective? AISMA accountant Luke Bennett offers these points for consideration. Profit share Becoming a partner means sharing in the

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Explaining the GP practice accounts – Part 10 of 10

May 21, 2020, by in Accounting, AISMA

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Bookkeeping in the Cloud Introduction Cloud accounting and payroll software has been available for several years now and products have improved consistently as new features are added. Having your software stored on a desktop restricts what you can do and how you can work. The advent of Covid-19 led us to do more things online

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Explaining the GP practice accounts – Part 9 of 10

May 21, 2020, by in Accounting, AISMA

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How to deal with incoming/outgoing partners Changes among the partners is a common feature of general practice. In an ideal world succession planning is a regular item on the agenda for partnership meetings so an impending retirement shouldn’t come as a surprise. But even with good planning changes can still occur with short notice. These

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Explaining the GP practice accounts – Part 8 of 10

May 14, 2020, by in Accounting

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How to account for property Property used by the practice falls into two main categories; – owned premises (by the partners or some of the partners) and leased premises. Reimbursements If the partners own the premises they will receive either a notional or cost rent from the NHS. Notional rent is a market rent assessed

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Explaining the GP practice accounts – Part 7 of 10

May 14, 2020, by in Accounting

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What to get out of your annual accounts meeting It is normal practice to have a meeting with your accountants once the draft accounts have been prepared. This gives you and the partners the opportunity to discuss the accounts, resolve any queries so they can be finalised, and discuss financial matters likely to arise in

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2020 Budget announcement

March 11, 2020, by in News

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Responding to the 2020 Budget presented by the Chancellor of the Exchequer today, Andrew Pow, executive board member of the Association of Independent Specialist Medical Accountants (AISMA) said: “We welcome the news that the annual allowance threshold for the NHS Pension Scheme will be increased by £90,000 for the 2020/21 tax year. This means that any doctors

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Unspent PCN funds to be taxed

The Association of Independent Specialist Medical Accounts (AISMA) has suggested that practices will be taxed on any surplus PCN funding at the year end. Lizzy Lloyd said: “Unspent funds will be taxed, but when rolled over and spent in the following year then tax relief will be applied and the tax position should even itself

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