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
14th Jul 2005
1
Doctors - come on guys
Doctors - come on guys