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Sunday 19 November 2017
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Topic: *** AskTheExpert: Accounting

June 7, 2017
It’s worth keeping a close eye on practice finances, and with the software packages now available it’s easier than ever, writes Mark Dempsey.

It’s worth keeping a close eye on practice finances, and with the software packages now available it’s easier than ever, writes Mark Dempsey

There is more pressure than ever before on GP practices to keep good financial records, meaning they need to be up to date, accurate and easily accessible. The slowdown in funding growth is making it increasingly difficult for practices to live within their means and places them under tremendous pressure to get their finances in order.

April 28, 2017
The new deal for general practice has surpassed expectations, but will it be enough to make a tangible improvement to practice finances? Alice Harrold examines the 2017/18 GP contract to find out what practices can expect in the coming year.

The new deal for general practice has surpassed expectations, but will it be enough to make a tangible improvement to practice finances? Alice Harrold examines the 2017/18 GP contract to find out what practices can expect in the coming year

The GP contract for 2017/18 gives the first indications that the Government is waking up to the need to stabilise primary care. The consequences for the NHS of an underfunded general practice are finally getting recognition.

April 28, 2017
What will your job be like in a decade’s time? Victoria Vaughan asks the experts.

What will your job be like in a decade’s time? Victoria Vaughan asks the experts

If the past year has taught us anything, it is that predicting the future is a fool’s errand. Few people expected Brexit, to see Theresa May moving into Downing Street or Donald Trump waving from the White House.

But, closer to home, there are some clues to how the role of the practice manager is changing – and how it might look 10 years from now. 

March 30, 2012

The first point to make is that if a practice only makes exempt supplies (of medical services) it is not permitted to register for VAT. Therefore we must look at the types of supplies that a practice may make that are taxable (at the standard or zero rate). If any of these supplies are made it is possible to VAT register regardless of the value of them. This is called a voluntary registration and provides the practice with the ability to reclaim, at least some, input tax.

March 21, 2012

Question in full:

We currently manage our monthly accounts using GP Iris and find this manages finances on a day to day basis perfectly well. The problem we have is the difference in reporting between the cashbook accounting Iris produces and the profit and loss reporting offered by our accountants. Is the answer to change to QuicKbooks or Sage, which we have never used, or is there something else we can do?

March 12, 2012

February 27, 2012

A: Primarily you should be looking for an accountant who has experience of and understands the medical profession. The medical sector is a highly specialised area with intricate tax, accounts and pension arrangements requiring full mastery.

December 8, 2011

Answer:

Commercial and personal considerations of whether you need to, wish to or can afford to borrow money should always outweigh the tax considerations. The rates of return on investing cash are, unless you can find a magic swan, unlikely to be greater than the rates of borrowing, but if you have a personal aversion to debt and already have the private funds available, then taking out a business loan solely for tax relief purposes may not be the right decision for you.

November 21, 2011

Question in full:

Like many practice managers, I am not payroll-trained – please could you provide information on national insurance, small business levels and when you exceed these – for example, the £45,000 NI target for SMP compensation payments and other items of this nature. I know of practices that have been caught out with these things, and it would be useful to know in advance so you can check before being contacted by the tax man.

November 17, 2011

Question in full:

We are not happy with our current accountants who have made a few errors over the past few years – how would you go about finding a new accountant that you could be sure of?

Answer:

November 16, 2011

Question in full:

We are participating in the current prescribing and commissioning QIPP (Quality, Innovation, Productivity and Prevention) incentives but are worried that this could appear as taking a financial benefit to withhold patient care – is this right?

Answer:

November 15, 2011

Question in full:

I would be grateful if you could advise me as to the best way of maximising my tax return on purchasing or leasing a car for my job. I am a GP partner with frequent home visits and I work in out of hours services as a locum as well.

Answer:

November 15, 2011

Question in full:

I have a few properties which give me some net income, and I wonder what is the best way of running that as part of my business to maximise my tax return?

A: The tax and vat position on rental properties can be complex and the possible taxes inter-relate. I would suggest in the first instance you discuss this with your accountant.