The topic of annual allowance has always been a complicated one and in light of the healthcare crisis we have recorded a new webinar which explains the changes to the Annual Allowance from 6 April 2020. We also touch upon the announcements made by NHS England and NHS Scotland in 2019/20 together with a recap on the basics of the Annual Allowance and Tapering.
As many of you will know we have spent many years understanding how the growth arises in the NHS Pension Scheme for Annual Allowance and Lifetime Allowance purposes. In a number of cases we have identified incorrect Annual Allowance statements which have then been rectified following our intervention to avoid erroneous tax liabilities that were either too high or not due at all.
If you require any assistance with your Annual Allowance reviews or Scheme Pays Elections then please get in touch.
Primary care networks or PCNs have been with us for a year or so now in England and we are now at the stage where the PCNs will need to produce an account of its finances. Over the last 12 months there has been much talk of how monies will be spent and in some cases the PCNs will have a surplus of funds which needs to be considered as HMRC may treat this as income earned by the practice and expect individual practices to pay tax on this surplus.
The accounting treatment of the PCN monies from an individual practice perspective is therefore important as is the sharing of resources and the clinical director role.
We can help with the preparation of the PCN finances and can discuss the best approach to minimise the tax impact on practices. If you would like to engage us to prepare the finances of the PCN, please get in touch.
Click the webinar above to hear details of the new bounce back loan scheme.
If you need any assistance at all then please do not hesitate to contact any of the partners or associates here at Sandison Easson & Co.
Finally, thank you for listening to our webinar and also the wonderful job you are doing for all of us and our families during this difficult time.