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Medical Practice Superannuation from NHS

Does any one knows how Superannuation is calculated for medical practices?

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I just had a medical practice client. I am in the process of preparing the partnership income / expenses and appropriation accounts - and there are payments from NHS. How is this calculated / apportioned please?

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By accountantccole
02nd Oct 2019 14:13

There are accountants who specialise in medical practices (Google AISMA) - I know enough to refer to a specialist and not attempt this myself!

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By Duggimon
02nd Oct 2019 14:30

Have you got all the schedules showing how the NHS payments are derived?

The NHS income is not the same as the income received in the bank and it's not something you can work out from just that information, you need the breakdown of how the net figure received is determined.

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Replying to Duggimon:
By DaveOlugboji
02nd Oct 2019 15:33

Ok. I will delve further into getting additional (specialised) advise. Many thanks.

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By Moonbeam
02nd Oct 2019 15:16

I did the bookkeeping for a year for a medical practice, liaising with their accountants who I know well. They specialise in medical practices, and I could see that the superannuation was best left to them. There appeared to be several issues that would need a lot of reconciliation. The whole matter confirmed my view that unless you already specialise in this area there are going to be some pitfalls you may not spot without help. And there are several more issues you may not understand easily.

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By SkyBlue22
04th Oct 2019 11:23

I wasn't clear on exactly what your post was asking, but for the doctors' superannuation payments:

The practice must complete a form each year detailing the expected income of each partner, the NHS then use this figure to calculate the relevant percentage and therefore the monthly contributions.

Then, at the end of each year the partners must complete an annual certificate which recalculates the contributions based on what they actually received, with a balancing payment or receipt which is usually sorted by an adjustment to a monthly GMS payment.

If you mean the monthly overall income from the NHS there are GMS statements which can be downloaded by the practice which details the income and expenditure which make up the payment. If there's any income stream on the statements you're not sure about send me a message and I'll try and help.

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Replying to SkyBlue22:
By DaveOlugboji
04th Oct 2019 11:48

Appreciated. Many thanks.

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