1. PRACTICE FINANCE SEMINAR APRIL 2013

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

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

4. 2013/2014 CONTRACT CHANGES - QOF
Reduced to 900 points
Threshold changes
CPI review
Loss for average practice £31,000

5. 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

6. 2013/2014 NEW VACCINATIONS
From September 2013 Rotavirus Shingles > 70 £7.63 fee No drugs profits

7. 2013/204 LOCAL AND NATIONAL ENHANCED SERVICES
Responsibility to CCG Will you have to bid? AQP registration

8. 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

9. 2014/2015 – CONTRACT CHANGES
MPIG withdrawal over 7 years Increase in global sum from MPIG funding Review of PMS contracts

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

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

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

13. 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

14. 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

15. 24 HOUR RETIREMENT ISSUES
Sole practitioners Right to return Employment income Managing the 16 hours Drawings increase Tax increase

16. 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

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

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

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

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

21. PARTNER CHANGES
Partnership agreement Financing Replacement partner Provisions

22. Any Questions? Jane Jordan – jane.jordan@lentells.co.uk
Andrew Spear –
Jo Fursman –

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