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…

Following on from the popular series written by the Association of Independent Specialist Medical Accountants (AISMA) on the basics of GP accounting, we have now consolidated all 10 parts into a fantastic free guide for you to download and keep. If you missed the series on the blog and are wondering what it is all about,…

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…

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…