Insights for healthcare professionals

The NHS pension scheme

Changes to the Annual Allowance for NHS Doctors

NHS GP and Consultant doctors have been impacted significantly from Annual Allowance pension tax charges. The budget in the Spring of 2023 announced changes for the tax year which commenced on 6 April 2023. In addition, there have been other changes outside of the tax regulations which will have impact, including a recent announcement for doctors completing their tax returns for 2022/23.

The McCloud judgment & NHS Doctors

The McCloud remedy will impact NHS Consultants and GPs in different ways. We have identified common scenarios and set out what people need to consider below.

McCloud Judgment – the NHS Cost Claim Back Scheme

A large number of NHS consultants, GP’s, and other scheme members were required to transition to the 2015 scheme in the years from 2015 to 2022. Following a lengthy court process this was deemed discriminatory against younger unprotected members in what has come to be known as the McCloud judgment.

Back to basics: our Xero refresher series

The ‘Back to basics’ series has returned, with our experts, Lee Simmonett and Kelsey Ross, on hand to showcase how Xero can support your practice's financial needs, whilst answering any questions you may have.

Marginal tax rates - what to expect in 2024

On 19 December, Scottish Finance Secretary Shona Robison unveiled the Scottish Government’s 2024/25 budget plans in what she described as turbulent circumstances.

New Year... New pension return season for GP’s

In order to get pension record updated partners in GP practices and salaried GP’s are now required to submit an annual return of their pensionable income for the 2022/23 tax year. In addition, practices need to submit estimates of pensionable pay for the 2024/25 year ahead. At Mazars our expert team are on hand to assist you through this process.

Mazars practice manager conference

Throughout February and March, we are hosting three events across Nottingham, Manchester and Leeds. We invite you to register for any of our conferences tailored to practice managers in any of our three locations.

Reducing profits to help minimise impact

10/11/2023. 2022/23 and 2023/24 have been difficult years for General Practice as income rises have not kept pace with cost increases.

McCloud Judgement's impact on your NHS pension

11/10/2023. In 2015, most public sector pension schemes, including the NHS Pension Scheme, experienced reforms. As a result, many members had to transition into new arrangements.

The McCloud Judgement

In 2015, most public sector pension schemes, including the NHS Pension Scheme, experienced reforms. As a result, many members had to transition into new arrangements.

Are you thinking of becoming a GP Locum?

01/09/2023. Becoming a GP Locum can often mean a change in status from employed to self-employed. Have you considered everything from a tax and pensions perspective?

To individuals who have assets overseas

11/08/2023. Have you recently received correspondence from HMRC asking about your overseas assets, income or gains? If so, our specialist tax advisors have provided guidance on how best to proceed.

Basis Period Reform webinar

06/09/2023. Watch our webinar, where our experts explore how Basis Period Reform will impact your practice.

Basis period reform... what are my options?

25/07/2023. If your practice is likely to be affected by Basis Period Reform (BPR) its important to know what your options are moving forward. Our team of experts have devised a series of FAQs to help answer a number of scenarios.

Basis Period Reform... how will this impact me?

30/06/2023. If your practice year end is currently not in alignment with the tax year end of 5 April (or 31 March), then Basis Period Reform will impact you as an individual for tax and superannuation purposes.

CGT on sale of UK residential property

12/07/2023. Are you thinking of selling a residential property in the UK that is not your main home? If you are, you should be mindful of the Capital Gains Tax (CGT) implications.

High-interest rates affecting GPs when investing

09/06/2023. Generally, investing in a GP surgery has always been seen as a stable long-term investment and that position has not changed despite short term economic pressures.

Publicising profitability

28/04/2023. As a small business owner, there has been a long-standing ability to file reduced information on your business at Companies House. The Economic Crime and Corporate Transparency Bill is going to change this.

What the Budget means for your NHS Pension

16/03/2023. The Chancellor, Jeremy Hunt has announced wholesale changes to pension legislation in the form of an increase in the Annual Allowance and plans to abolish the Lifetime Allowance.

What the rise in CPI may mean for your NHS pension

11/11/2022. The Consumer Prices Index (CPI) figure for the 12 months prior to the end of September 2022 has risen to 10.1%. The September CPI figure is important because this is used to revalue NHS Pension Benefits.

Legal and accounting healthcare webinar series

13/10/2022. Throughout November, we have hosted a series of webinars focusing on primary care networks & incorporation, general practice updates and mergers.

The difficulties of pay inflation

05/10/2022. As the cost-of-living crisis grows more and more, GP practices are asking the questions on everyone’s minds, mainly - how to deal with the issue of staff pay.

Basis period reform: what GP partners need to know

29/09/2022. From April 2024, the way in which unincorporated businesses and self-employed individuals are taxed under self-assessment will change.

General practice – case study

04/08/2022. We recently worked with Airlie Medical Practice after they found that their business growth had impacted their processes. We worked closely with them to ensure a smooth transition from in house management to outsourcing.

What are the challenges facing rural GP practices?

24/05/2022. Our healthcare specialist, Andrew Pow recently joined the team at Medics Money for a podcast looking at the lives of rural GPs and the challenges they face on a daily basis.

Our top tips to maximise benefits of using XERO

10/05/2022. The role of the Practice Manager has changed significantly over the years with the increasing demands placed on practices by the pandemic, ever-changing funding streams and requirements of the NHS.

Xero drop-in sessions for GP practices

12/04/2022. Watch our Xero drop-in sessions. Running a practice can be demanding, sometimes unpredictable, as well as time-consuming. Xero cloud accounting software provides many benefits such as accessibility to financial data almost anywhere, elimination (or reduction) of paper, readiness for Making Tax Digital, and with correct set-up save you time by automating repeat entries.

Healthcare survey 2022

28/01/2022. The last 2 years have been an unusual time for all, but especially for the healthcare sector. Navigating through increased demands resulting from the pandemic, delivering the vaccination programme while upholding business as usual workloads and managing practices hasn't been easy.

Healthcare news: Autumn/Winter 2022

Welcome to our winter 2022 healthcare newsletter. A lot has happened since our last newsletter – in the political arena and also within Mazars.

Healthcare news – Spring/Summer 2022

In our latest addition of our Healthcare newsletter, we are excited to share our top tips to improve your cash flow. We will also answer some of the frequently asked questions that we receive relating to Xero.

Healthcare news – Winter 2021

In our Winter edition of the Healthcare newsletter, we delve into what reliefs are available that can save you money before 5th April, the tax traps you need to be aware of when gifting, the benefits of outsourcing bookkeeping services, how to tackle rising costs and finally, what NIC rises may mean for your practice.

Healthcare news - Spring 2021

This collection of articles will cover changes to the 2015 NHS Pension Scheme, the benefits of cloud accounting, HMRC nudge letters for those who have assets overseas, phishing attacks, Medics Money NHS pension masterclass, and final pay controls.

Healthcare news - Summer 2021

In this update, we discuss off-payroll working regulations, how HMRC's new proposed tax reforms may affect you as a self-employed individual or an unincorporated business, electric cars and their tax implications for the self-employed, inheritance tax planning, and cybersecurity.

Healthcare news - Autumn 2021

In Autumn’s healthcare update, we have a look into annual allowance, the frequently asked questions around this subject and what the recent increased CPI inflation rate means for NHS pensions and tax.