24-hour retirement allows doctors to draw their NHS pension and then return to work. Specialist medical accountant James Gransby explains what this means for GP partners. How it works For those in the 1995 section of the NHS pension scheme, legislation requires a GP to break their contract for a period of 24 hours (a…

And the answer is a resounding YES! ePACT2! If you’re wondering what on earth we’re talking about, you’re definitely not the only one. Practice managers have signed up to our toolkit in droves. But there are still a significant number of PMs who are scratching their heads, wondering why we keep asking if they have…

Coronavirus has been many things – and most of them distressing – but I didn’t expect it to be the thing that saved me money on banking. After years of GP partners who thought I might run away with their cash or who couldn’t remember their passwords to save their lives, in my new practice…

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…

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…

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…

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…