Cashflow is important for any business and for a GP Practice it can be vital when looking at Drawings Projections or simply planning the day to day finances of the practice.
Float is an online tool that links with Xero and can be used to forecast the cashflow of your practice. It can be pre-populated with your data and has proved invaluable for some of our GP Practices. You can also run multiple scenarios to see the impact of making different business choices on your practice cashflow. In our video below we explain Float in more detail.
The Annual Allowance is a complicated topic but here at Sandison Easson we have spent years understanding how the growth arises in the NHS Pension Scheme for Annual Allowance purposes. If you need any assistance planning to make the most of your Annual Allowances or preparing your Tax Return and/or Scheme Pays Elections then please get in touch.
Changes from April 2020 - Click here to watch our latest Annual Allowance webinar
If there is one thing that benefitted from the COVID 19 lockdown it was the environment.
Less cars and other modes of transport made an appreciable impact.
Before lockdown the government had introduced incentives particularly relating to electric cars.
Some of these incentives differed in different parts of the UK, particularly in Scotland where more incentives are available and detailed below.
Electric Cars – 100% Allowances
The government in its drive for a greener environment provided what was known as enhanced capital allowances for electric cars. Cars whereby the CO2 emission is 50g/km or less.
These cars are entitled to 100% writing down allowance in the first year as opposed to 18% each year for non-compliant vehicles.
Many of you will have reflected over the past few weeks of the impact of COVID19 and the change to your practice in its everyday dealings with patients, staff and your own interactions.
The government has published some case studies of how various organisations within the NHS dealt with the pandemic and may assist you in your own COVID 19 debriefing.
Details of the various case studies published on 5 June 2020 can be found here
The general public, ourselves included, have been acutely aware from the news and government announcements of the number of individuals infected and sadly the number of people who have lost their life due to COVID. Little is heard of those that survive and what changes to their lives and care they will need following their recovery from the infection.
On the 5 June the government published guidance on the aftercare of inpatients recovering from the virus. Details can be found here.
Updated guidance (6 June 2020) on the management of staff and exposed patients or residents in health and social care settings has been published and is available here.
Finally, flow charts relating to symptomatic and asymptomatic workers return to work following a SARS-COV-2 test have been published and can be found here:
Last week we released the first two of a series of training videos on how to use Xero.
Our Xero trainers have been busy and the next two videos are now available! The latest videos explain how to create bank rules and how to manually post purchase invoices.
Click here to see all of the training videos we have released so far
Next week we will release new videos which will explain how to create sales invoices and how to post purchase invoices from scanned documents, cutting down on data entry and saving space.
During this period of constant change we wanted to draw your attention to the latest guidance from HMRC on the Coronavirus Statutory Sick Pay Rebate Scheme that is available to employers who meet the criteria for the scheme.
Your practice may be eligible to make a claim.
You can use the scheme as an employer if:
- you’re claiming for an employee who’s eligible for sick pay due to coronavirus
- you have a PAYE payroll scheme that was created and started on or before 28 February 2020
- you had fewer than 250 employees on 28 February 2020
On this basis, most if not all GP Practices should be eligible. The online service to reclaim Statutory Sick Pay (SSP) should be available from today 26 May 2020.
Friends and colleagues of Dr Saad Al-Dubbaisi, a respected doctor from Bury, Manchester, have following his untimely death produced a safety assessment and decision score card based on a number of factors including age, ethnicity, gender and other medical factors. The scoring system is named after him.
We felt this tool will be invaluable in assessing the risk to your staff as mild, moderate or high risk when interacting with patients.
Click here for details of the card and how to use it
We at Sandison Easson & Co hope you keep well and safe and trust we have in some small way helped in bringing to your attention this invaluable asset to help keep you and your staff safe.
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.
The government announced yesterday a new type of loan that is 100% guaranteed by the state.
The initial details suggest that you can borrow between £2,000 and £50,000 with no fees or interest for the first 12 months with no repayment for the first 12 months and a loan term of up to 6 years.
This new scheme is a follow up to the criticism over the Coronavirus Business Interruption Loan (CBIL) where banks were slow to respond and the take up was low as detailed information was needed based on ‘normal’ lending requirements.
More details of the new loan will be available from Monday 4 May 2020.
Very few details have been released but what we know so far is that to be eligible for this new loan you must be:
1. Based in the UK
2. Have been negatively impacted by the coronavirus
3. Were not in ‘difficulty’ on 31 December 2019