Accounting for GP Partnerships and Partners

Larking Gowen is a premier provider of GP accounting services with the largest medical accounting team in East Anglia. We offer expert advice and support on every aspect of financial management for GP practices.

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NHS Pension Schemes update October 2024

Members of the NHS Pension Schemes will have received, or will shortly be receiving, a remedial pension saving statement from NHS Pensions, detailing the amended growth in the 1995/2008 and 2015 schemes between 1 April 2015 to 31 March 2022. Action may need to be taken as a result of receiving this statement, in that members would need to inform HMRC of any changes to previously reported annual allowance tax charges, or report details of a new charge. There are differing deadlines depending on individual circumstances, but the first deadline is 31 January 2025 and therefore prompt action should be taken.

The McCloud remedy will impact anyone who transitioned to the 2015 pension scheme when it was introduced on 1 April 2015, or at a later date if you had tapered protection. As this transition was ruled to be age discriminatory, members' benefits have been amended to revert membership from the transition date through to 31 March 2022 back into the legacy (1995/2008) scheme, which has led to the pension growth figures needing to be recalculated and the remedial statements being sent to members.

If you have received a statement from NHS Pensions, please do get in touch and we can discuss next steps with you.

How can we help you?

We'll help you grow your practice, manage change and maximise income. Our guarantee of personal service means you'll have a named partner and client manager looking after you and your business.

Larking Gowen will help you with all the GP accounting support needed to manage and evolve your practice including:

Annual accounts & comprehensive report
Personal expenses
Tax returns
Compliance with relevant legislation
Pensions - NHS and personal
Review of accounting software, providing recommendations for change along with follow on support on transition.
Book keeping or review of accounting records
Other financial reports including budgets, cash flow, working capital requirements, review of partner drawings.
Benchmarking statistics - to identify areas of profit improvement
Partnership agreements
Partnership changes
VAT
Access to our network of specialist medical financial advisers
Specialist technical advice in relation to your tax affairs, including capital gains tax and inheritance tax

Relevant Insights

Brochure

AISMA Doctor Newsline | Spring 2024

Read AISMA's Spring issue of Doctor Newsline as the 2024-25 financial year gets underway.

Webinar

GP practices: Beginning your cloud accounting journey

Digital experts from our medical team presented a webinar and talked through key areas to be considered when setting a GP practice up on the cloud.

Blog

Income Tax: Basis Period Reform for GP partners

Our medical tax specialist team explains what the Basis Period Reform means for your tax bill.

Webinar

Maximising tax claims for GPs

Medical specialists Lizzy Lloyd and Jamie Butcher presented a back to basics review of personal expense claims for GP's

Webinar

Maximising tax claims for hospital doctors & private practices

Medical specialists Louise Dean and Jamie Butcher presented an overview of tax considerations including; what expenses can be claimed and how they reduce taxable income and considerations around setting up a limited company for private practice

Blog

Partnership - What is the difference between a GP’s drawings and profit?

The first thing you need to understand is that there’s no legal difference between you and your business. Legally, you and your partners are the business.