PRACTICE FINANCE SEMINAR APRIL 2013

Slides:

Advertisements

Similar presentations

Year End Tax Tips for Business Owners Tax Management is very critical, especially for small and medium-sized business. This presentation will provide.

Advertisements

Hampshire Pension Fund “What about my pension?” A presentation to staff Phil Villiers Pensions Communications Officer Pensions Services.

LIFE AFTER THE VTS- ACCOUNTING AND TAX MATTERS Barbara Domanska PKF(UK)LLP 23 June 2010.

Personal Finance for GPs Jenny Stone, ACA Ramsay Brown and Partners Ramsay House 18 Vera Avenue London N21 1RB Tel:

FINANCE FOR PRACTICE MANAGERS Jenny Stone, ACA Ramsay Brown and Partners Ramsay House 18 Vera Avenue London N21 1RB Tel:

Joint LMC /NHS England Finance Workshop 3rd March 2015.

Understanding Practice Accounts Jenny Stone, ACA Ramsay Brown and Partners Ramsay House 18 Vera Avenue London N21 1RB Tel:

NHS Pension Scheme 2015 Presentation prepared by the Scottish NHS Pensions Group.

The Future for General Practice Dr Richard Vautrey Deputy Chair BMA GP committee.

LESSON 13-3 REPORTING WITHHOLDING AND PAYROLL TAXES.

LGPS 2014 Essex Pension Fund March 2014 Matt Mott.

Lesson 16 Investing for Retirement. Key Terms  401(k) Plan  Annuity  Defined-Benefit Plan  Defined- Contribution Plan  Employer- Sponsored Retirement.

Presentation by Sue Walsh Finance Manager Great Ayton Health Centre UNDERSTANDING PRACTICE ACCOUNTS.

Copyright © 2008 Delmar Learning. All rights reserved. Chapter 18 Financial Management of the Medical Practice.

NHS Pension Scheme Cornwall LMC – April 2015 Luke Bennett Alan Turner.

GP CONTRACT CHANGES 2015/

Pension Tax Relief November 2011 Presentation By: Gillian MacKenzie

Secure your future today Save early and prepare for the retirement lifestyle you want.

Running your own business What you need to know from a tax perspective if you choose to work for yourself. 10/08/2015 Martin Connell FCCA

THE HOME OF THE PROFESSIONAL ADVISER Relevant Life Plans – Put Life Cover On Expenses Legal & General.

Making the Most of Your District’s 403(b) Plan. General Information Only Please be aware that this information is intended to be general in nature and.

A CHANGE IS GONNA COME Sam Cooke. Does Everyone Need to Be Enrolled? No… Sole Traders / Partnerships with no employees Business who use only “sub-contractors”

Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING.

Craig Martin Pension Manager Changes to the LGPS from 1 April 2014.

How Does Money Grow? Before You Invest. Interest refers to the amount you earn on the money you put to work by saving or investing. Savings accounts Individual.

Hymans Robertson LLP and Hymans Robertson Financial Services LLP are authorised and regulated by the Financial Services Authority Dave Simson 13 December.

Welcome to the Professional’s Approach to Rollover Concepts Presented by: LFM Fixed Strategies Insurance Services Florian Spinello Lauren Carrasco & Sarah.

RetirementRetirement Accounts How long will you live?

Investment Basics Stock & Bond Basics Mutual Fund Basics Retirement PlanningBuying a Home

Personal Finance FIN 235 All Rights Reserved1. Retirement Plan: Start Early A. Why should you start ASAP? 1. The longer you save, even amounts as small.

Retirement Accounts. Save $20,000 for 47 years with 8% interest Worth $744,640 10% interest, Worth $1,763,949 Every Million saved = $50,000 in retirement.

©2007 Lincoln National Corporation LFD EMFW Order code: EM-FLY-DIR-ENROLL-PPT 1 You Can Fly Save in your retirement plan with the Lincoln.

GP Finance Update – Changes for 2008/09 Jenny Stone, ACA Ramsay Brown and Partners Ramsay House 18 Vera Avenue London N21 1RB Tel:

Planned GP contract changes and beyond (Wales) Cardiff Tuesday 29 th January Dr. David Bailey Chairman, GPC Wales.

Running your practice like a business Practice assessment Deon Bührs.

Profit Sharing Plan The information contained in this document is not for use or disclosure outside Makotek, LLC.

Copyright 2009 Northumberland County Council The Local Government Pension Scheme Northumberland Pension Fund LGPS March 2011.

Hampshire Pension Fund “What about my pension?” A presentation to staff Phil Villiers Pensions Communications Officer Pensions Services.

FINANCIAL MANAGEMENT GUIDE © Marin Management, Inc Payroll Guide, 7345 IRS Form 8027, Employer's Annual Information Return of Tip Income and Allocated.

Dr. Laura Dawson Ullrich April 1,  Definition: ◦ a regular payment made during a person's retirement from an investment fund to which that person.

Please be aware that this information is intended to be general in nature and is not intended to be legal or tax advice. Each of you should follow up.

Savings and Investing Personal Finance Unit 3. Savings Accounts A.Regular Savings Account (Passbook) 1.May be a minimum deposit required to open ($100)

Partial Exemption and VAT For Dispensing Doctors By Andy Newiss.

We’re here for you. The Local Government Pension Scheme The Northumberland Pension Fund Employee Meetings March 2012.

GP UPDATE APRIL Lentells Healthcare Directors Jane Jordan FCCA Andrew Spear FCCA Jo Fursman FCCA.

Retirement How much will I need?. Introduction How much money will you need at retirement? –Consider: Current Income Rate of Return Inflation Taxes What.

NHS PENSION CHANGES Seminar - 28 th February 2012 Paul Stone Partner Medical Money Management Exeter Paul Stone Partner Medical Money Management Exeter.

NHS PENSION CHANGES SEMINAR - 28 FEBRUARY Lentells Healthcare Directors Andrew Spear FCCA Jo Fursman FCCA Jane Jordan FCCA.

PMS Contract review process June 2015.

Principal Executive Bonus Plus SM Presented to: [ Name Of Company ] [ Title Of Employees ] Presented by: [ Name Of Agent(s) ] [ Title Of Agent(s) ] [ Name.

GP UPDATE APRIL Lentells Healthcare Directors Andrew Spear FCCA Ed Paull FCCA Jane Jordan FCCA Jo Fursman FCCA.

GP PRACTICE MERGERS Workshop – Spring 2014 Bob Senior, FCA

AccountancyPlace.

Niall Gahan Stella Adriaanse

Unit 3- Personal and Business Finance

Presented by: Xtrategy Ltd

Accounting, Tax & Bookkeeping Business Basics

Protect Practice Profits

Our Health Partnership

Reaching Retirement with RSA-1

Teachers’ Pension Scheme – Rep Powerpoint

“Time to evolve into a business”

Overview Presented by Leah Messenger, CPP

Practice Finance in a Nutshell

Funding in General Practice

1 Accounting in Action Learning Objectives

Your Pension Service Pre Retirement Presentation

NHS England and CCG commissioning

Member Presentation September 2019 Sarah Burch and Debbie Hough

Presentation transcript:

PRACTICE FINANCE SEMINAR APRIL 2013

Lentells Healthcare Directors Jane Jordan FCCA Andrew Spear FCCA Jo Fursman FCCA

Lentells Healthcare Team Based in Chard Act for over 130 GP practices Experienced staff

2013/2014 CONTRACT CHANGES - QOF Reduced to 900 points Threshold changes CPI review Loss for average practice £31,000

2013/2014 ENHANCED SERVICES Existing DES continue New DES : Testing for dementia Online access for patients Monitoring long term conditions Risk profiling for vulnerable patients

2013/2014 NEW VACCINATIONS From September 2013 Rotavirus Shingles > 70 £7.63 fee No drugs profits

2013/204 LOCAL AND NATIONAL ENHANCED SERVICES Responsibility to CCG Will you have to bid? AQP registration

2013/2014 – OTHER CHANGES 1.32% inflationary increase Employer’s superannuation for locums 0.15% GMS uplift for locum superannuation No PMS uplift for locum superannuation

2014/2015 – CONTRACT CHANGES MPIG withdrawal over 7 years Increase in global sum from MPIG funding Review of PMS contracts

EMPLOYEE SUPERANNUATION RATES Pensionable Pay Superannuation rate – 2012/2013 year Superannuation rate – 2013/2014 year Up to £15,278.99 5.0% £15,279.00 - £21,175.99 5.3% £21,176.00 - £26,557.99 6.5% 6.8% £26,558.00 - £48,982.99 8.0% 9.0% £48,983.00 - £69,931.99 8.9% 11.3% £69,932.00 - £110,273.99 9.9% 12.3% £110,274.00 and over 10.9% 13.3%

EMPLOYEE SUPERANNUATION RATES (CONTINUED) Applies to GPs and staff Pensionable earnings £115,000 = £2,760 increase How to fund?

TAX ON PENSION 2011/2012 annual allowance £50,000 Statements due October 2013 Tax charge payable January 2013 Interest on late tax

TAX ON PENSION (CONTINUED) Who is affected? 2014/2015 annual allowance £40,000 LTA 2014/2015 £1.25 million (previously £1.5 million) How to avoid

24 HOUR RETIREMENT Reduced pension if retire early Retire fully 24 hours Work up to 16 hours first month Return to work full/part time

24 HOUR RETIREMENT ISSUES Sole practitioners Right to return Employment income Managing the 16 hours Drawings increase Tax increase

INCREASING TAX BILLS 2013/2014 2012/2013 2011/2012 Personal allowance 9,440 8,105 7,475 Basic rate band 32,010 34,370 35,000 Limit for 40% 41,450 42,475

INCREASING TAX BILLS (CONTINUED) Personal allowance reduced if earn >£100,000 Class 4 NIC rate increase 2011/2012 50% tax on earnings more than £150,000 (45% 2013/2014)

OTHER TAX ISSUES New partners Outside earnings Fluctuating profits and superannuation PAYE codes

LIMITED COMPANY Retender GMS/PMS Contract Income not superannuable? Tax savings possible? Shareholder changes

PAYROLL ISSUES RTI FROM April 2013 Penalties New employee superannuation rates April 2013 Auto-enrolment

PARTNER CHANGES Partnership agreement Financing Replacement partner Provisions

Any Questions? Jane Jordan – jane.jordan@lentells.co.uk Andrew Spear – andrew.spear@lentells.co.uk Jo Fursman – jo.fursman@lentells.co.uk www.lentells.co.uk

DISCLAIMER These presentation notes are for guidance only. We recommend professional advice should be obtained before acting on any information contained in them.