Description
Book SynopsisMost general practices are businesses of quite significant size and yet many GPs are not clear on what the detail of their practice accounts really means.
This book will help if you have ever found yourself confused by:
• a balance sheet
• capital accounts
• profit-sharing ratios
It will also help you to understand how practices are paid:
• the differences between payments under the GMS, APMS and MCP contracts
• the effects of transitioning from PMS to GMS contracts
• the mechanisms for claims and payments
• property and other reimbursements, including the Premises Costs Directions
• the new GP Retention Scheme
Furthermore, as an individual GP it will tell you about:
• how you pay your tax and how it might appear in the practice accounts
• tax deductible expenses
• the differences between being employed and self-employed for tax purposes
• joining and leaving a practice
• buying a share in the surgery premises
• forming a limited company for tax purposes
• the NHS Pension Scheme and its various ‘sections’
• superannuation
Updated with 2018/19 guidelines on tax, pensions and practice payments, this is a book for all those confused by accounting terminology, from GP registrars to GP principals.
Trade ReviewExcellent book
‘Great book for GP's who want to get a better understanding of the financial aspects of general practice. It explains clearly the payment structure of general practices and also gives good information about practice accounts. Highly recommended and would even be useful to read prior to applying for partnership jobs.' Amazon reviewer
Just what the doctor ordered!
‘This book is bang up to date and incredibly easy to follow. Contains useful and up to the minute information, and serves as a great source for reference.' Amazon reviewer
Table of Contents1 Introduction to practice accounts 2 Profit and loss account 3 Balance sheet 4 Profit allocation 5 Fixed assets 6 Capital and current accounts 7 Specialist medical accounts 8 How GPs get paid 9 Taxation 10 NHS Pension Scheme
