Accounting for Hospital Doctors

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 give you all the business and tax advice and support you need to run your private practice in conjunction with your NHS work. We can help with:

• Preparing annual accounts
• Tax returns and calculation of liabilities.
• Personal expenses
• Tax planning advice
• NHS pension reviews including advice on annual allowance.
• Practical business advice on starting out in private practice
• Trading structure review, advise on pros and cons of self employment v limited company
• Other financial services such as payroll, bookkeeping,
• The transition to Making Tax Digital
• 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