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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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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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Explaining the GP practice accounts – Part 6 of 10

February 27, 2020, by in Accounting, AISMA

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Using the accounts to benchmark financial performance Information from the practice accounts can be used for financial benchmarking, which helps practices see how profitable they are compared with their neighbouring practices, or more widely across their local area and nationally. Benchmarking can also help the GP partners assess their investments in the practice and their

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Explaining the GP practice accounts – Part 5 of 10

February 27, 2020, by in Accounting, AISMA

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How pensions are shown in the practice accounts Pension costs for the NHS pension scheme are split three ways: Employee standard contributions – these are a based on different rates for different tiers of earnings Employer contributions – fixed currently at 14.38% with a further central top-up by the NHS in England, Wales and Northern

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Explaining the GP practice accounts – Part 4 of 10

February 27, 2020, by in Accounting, AISMA

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The income and expenditure account – sometimes known as the profit and loss account – summarises the income received and expenses incurred over the year. Accounts should at minimum show the current year and the previous year for comparison. The figure at the end of the income and expenditure account shows the profit available for

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