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Finances for AITs

Finances for AITs. The condensed version!. Content. What counts as a ‘session’ Definition of part time/full time Pension Partners vs salaried GPs Locums Taxes Maternity leave. Sessions. One session = one morning/afternoon surgery But working hours and responsibilities vary

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Finances for AITs

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  1. Finances for AITs The condensed version!

  2. Content • What counts as a ‘session’ • Definition of part time/full time • Pension • Partners vs salaried GPs • Locums • Taxes • Maternity leave

  3. Sessions • One session = one morning/afternoon surgery • But working hours and responsibilities vary • Full time = 9 sessions/week (1 session for personal study etc) • Part time = 4-5 sessions/week

  4. Pensions • Transferrable between salaried jobs, locum jobs and partnerships • Best to stick with the NHS pension!

  5. Partnership or salaried job? Cons Pros Power to make management decisions Can negotiate own contract/terms of work Potential for higher salary – particularly as become more senior Pay 3% less NI contributions Can claim more expenses for tax relief • ‘Getting out of a partnership harder than a divorce’ • No set hours – finish when the work is done • Salary variable • Need to keep very careful financial records • Loan often needed to buy into practice • Need to attend more business meetings, less time for other interests

  6. Salaried • Salary dependent on if in PMS of GMS practice • Tax and pension deducted from pay before receive it • MDU/MPS fees claimable and eligible for tax relief • Can only claim tax relief for any expense which is ‘wholly, exclusive and necessary’ • Entitled to statutory maternity pay and the following: • 8 weeks of full pay • 18 weeks of half pay plus £124.88 a week • 13 weeks of £124.88 a week • 13 weeks unpaid.

  7. Partnerships/Locums • Both classed as self employment • Need to arrange payment of tax and pension yourself • Need to tell HMRC within 3 months of start date or suffer penalty • Need to complete tax return each year • Personal tax return AND partnership tax return if applicable • Save for first tax bill • Will pay 18 months worth of tax

  8. Partnerships/Locums • Can claim tax relief for ‘any expense that is wholly and exclusively for your business’ • Keep all receipts! • May be only entitled to statutory maternity pay

  9. Partnerships – things to consider • ‘Buying into’ a practice • Are the premises owned or rented? • Ask to see the financial accounts • Does the practice pay defence union fees? • How do they split profits? • Seniority payments/prior allocations of profits • Working to parity • How long before will get full share? • Ask about maternity leave and annual leave entitlements. • Talk to practice manager as well as partners

  10. Summary • Think about what kind of working life you want • Think hard about partnerships before delving in and don’t be afraid to negotiate • Keep good records of income and expenses • Employ an accountant!

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