| With the introduction of the new GMS contract on 1st April 2004 came a major change in the superannuation scheme for GPs. Up until that date, superannuation was not something that caused them any great concern - it was simply deducted at source by the NHS before they received their monthly cheque, and was based on certain elements of their gross income under the old contract. |
|
| |
|
|
Under the new rules, superannuation became subject to self-assessment - like income tax - and a duty was imposed on each GP to work out and certify his or her Superannuable Earnings each year. In effect, a GP’s superannuable earnings are their taxable earnings from their NHS activities, and although this sounds like a fairly simple concept, the practical difficulties in applying it are immense. No less challenging is accounting for payments of superannuation through the practice accounts, as each partner is responsible for paying their own superannuation (including any added years liability or contribution on outside earnings).
By being involved in the implementation of the new rules from the very outset, our team has developed an in depth knowledge of the scheme. They complete several hundred superannuation certificates annually and have encountered almost every conceivable variation of these. They keep right up-to-date with any rule changes as they evolve, and whenever relevant, issue briefing notes to our clients explaining how any such changes will affect them.
If you need advice on any aspect of your superannuation liability, contact Pauline Scott or Alexis McEwan and they will be happy to advise.
| This service is currently
offered for: |
|
|
|
|
|
|
| |
|
|
|
