Medical Accounting

The five-year framework for GPs: our guide to the changes

By | Medical Accounting | 1,066 Comments

The new five-year contract for general practice is the biggest reform to GP services in 15 years. But what will it mean in practice and what do GPs need to think about right now? Here are our views and a handy guide to the 6 key points for GPs and 6 key points for PCNs.

Overall the plan brings some positive news around new investment, indemnity and new roles being created and funded via the network. However it warns that GP recruitment is still failing to meet targets set a few years ago and, whilst the focus on other healthcare workers is welcome, it has perhaps come too late to turn around the recruitment shortages.
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Practice manager checking accounts

GPs’ complaints upheld as report slams Capita service

By | Medical Accounting | 475 Comments

Primary care providers who are frustrated by the ongoing failures in Capita’s support service have had their complaints acknowledged in a damning report by the National Audit Office.

It says the problems arising from the £330m contract have put services and potentially patients at serious risk. It blames Capita for underestimating the task and the impact of losing local knowledge by closing sites, and NHS England for failing to fully assess the risk of outsourcing and put proper performance measures in place.
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Sold sign outside a house

Tax warning for expat doctors selling a home in the UK

By | Medical Accounting | 1,124 Comments

Doctors and other professionals who are living overseas and who sell a home in the UK should beware of being caught out by changes to the capital gains tax rules.

The changes, which came into force on 6 April 2015, mean that non-UK residents must pay tax on any increase in the property’s value from that date until the date of the sale, and to submit a capital gains tax return within 30 days of completion.
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Practice manager checking accounts

How much money should we take out of the practice?

By | Medical Accounting | 39 Comments

Of all the questions that medical accountants are asked, the issue of drawings is by far the most common. That’s perhaps not surprising, as it can be difficult to get the balance just right.

If your drawings are set too high, you risk running out of cash and being unable to pay the bills, or lurching from one crisis to the next. Cashflow problems can bring down even the most profitable practice which is why accountants often use the saying, ‘cash is king’.
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