Doctors - come on guys

Doctors - come on guys

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I posted a query 12-7-05 which had over 80 views but no replies. Either we are all totally confused or the specialist accountants want to preserve their monopoly.
So I'll try again - what I want is a reference source for dealing with a doctor partnership. My current difficulty is the treatment of the superannuation:
5 doctors - PMS contract. Each month the PCT deduct an amount of employees superannuation (6%) and specify the particular doctor. They also deduct AVC amounts for two of the partners. In addition an amount representing the employers 14% is also deducted.
When the accounts/ tax returns are complete the superannuation at 20% will be calculated on the total profits and any shortfall paid over next February.
How do I deal with the amounts deducted up to now?
Do I just post it all to a suspense account(ignoring names) and then allocate according to the profit shares?
How do I deal with the AVC partners.
Do I accrue for the additional S/an due next Feb?
When does the doctor get a deduction for that?
One final question: Why did they not leave well alone?
knuckles

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By AnonymousUser
15th Jul 2005 13:08

Drawings
I would be inclined to dr the 6% + the employers 14% on a pro rata basis + the avc to drawings for each doctor. I would simply debit this as paid and unless the catch up supperan payment on profits will be high I wouldn't worry about accruing it.

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