In this informative session hosted by the National Association of Sessional GPs (NASGP), Victoria (Tori) Ferguson, a tax manager at Honey Barrett, shares essential advice for GP locums on managing their finances, tax obligations, and pensions. Tori, a chartered tax advisor, offers a comprehensive guide tailored to GPs who are new to locuming or those seeking a refresher on best financial practices.

For further advice on these topics, NASGP members can access more resources and guidance on the NASGP website: https://nasgp.org.uk

During the talk, Tori covers 10 key points to help locum GPs successfully manage their self-employment status. She explains the importance of setting up a personal tax account, notifying HMRC of self-employment, and staying on top of record-keeping and software tools like LocumDeck. Other essential topics include navigating the NHS pension scheme, understanding expenses for tax deductions, and planning ahead for tax payments, especially with looming changes such as Making Tax Digital.

The session also delves into the nuances of claiming allowable business expenses, the significance of maintaining separate bank accounts, and the critical need for GPs to view themselves as both a doctor and a business. Tori emphasises the importance of investing in financial education to stay up-to-date with ever-changing tax laws, whether through self-learning or hiring a specialised accountant.

The Q&A session further explores real-world concerns, such as handling fraudulent use of unique taxpayer references (UTRs) and dealing with the complexities of IR35 and employment status, highlighting Tori’s expertise in resolving practical issues GPs may face.

Intro 00:00

Topics covered:

1. Setting up a personal tax account. 02:41

2. Informing HMRC about self-employment. 03:38

3. Importance of bookkeeping software. 05:23

4. Record-keeping essentials for locums. 06:25

5. Navigating expenses and the trading allowance. 08:30

6. Pension contributions and time limits. 12:00

7. Managing a separate business account. 15:15

8. Saving for taxes and avoiding pitfalls. 16:53

9. Viewing yourself as a business owner. 20:21

10. Investing in financial education. 21:52

Q&A 25:41

Highlights:

• HMRC UTR fraud cases and how to handle them. 27:46

• Employment status and IR35 for locum GPs. 38:07

For further advice on these topics, NASGP members can access more resources and guidance on the NASGP website: https://nasgp.org.uk

#GPs #LocumTax #Pensions #NASGP #HoneyBarrett #SelfEmployment #TaxAdvice #GPFinance #MedicalAccountants #MakingTaxDigital #IR35 #LocumDeck

This webinar from Dr. Eloise Elphinstone provides an update on managing unscheduled bleeding in postmenopausal women on hormone replacement therapy (HRT). Key points include new guidance on assessing bleeding risk factors and adjusting HRT regimens. Case studies demonstrate approaches to controlling bleeding through modifying estrogen and progesterone doses or alternatives like the Mirena coil. Guidance is also given on ultrasound results and referral pathways. Options for complex cases involving progesterone intolerance or premature ovarian insufficiency are explored. The talk aims to help GPs confidently manage common menopause issues and determine when specialist referral is appropriate.

YouTube of this podcast available here https://youtu.be/2dYJiv8-IIQ

Join Dr Richard Fieldhouse as he talks with Dr Jennie Ferrie, a seasoned GP with a rich international background, now practicing as a locum in New Zealand. In this episode, Dr Ferrie shares her journey from the UK to New Zealand, detailing the nuances of locum work in rural areas, the challenges and rewards of adapting to a different healthcare system, and the lifestyle benefits of living in New Zealand. This enlightening conversation offers a deep dive into the life and career shifts that come with international locuming, providing valuable insights for GPs considering a similar path.