The focus of this book is upon finance aspects for medical doctors. The author’s aim is to meet the needs of readers who want to understand how finance works in the National Health Service (NHS) for hospital doctors and GPs who may be employed and /or self employed.
There are many complex finance rules but this book is intended to be simple to read, so that hospital doctors and GPs can understand how finance affects them. It explains the differences in the tax treatment of employment and self employment income. The book briefly introduces the system of Self Assessment. It gives the reader a clear understanding of how to legitimately minimise their tax liability. Claiming all the tax allowances to which doctors are entitled and using the tax benefits available on contributions to retirement pensions can make material tax savings. The book covers 26 chapters and 34 illustrations carefully chosen to cover different tax situations. The doctors can read the chapters with their criteria in mind. Details on practice management and operating a limited company from a financial perspective have been included.
The 2022 edition of this book is a general-purpose exposition of NHS funding, accounting, and tax implications. Concise explanations are extracted from the Pay and Conditions Circular (M&D) and the NHS Contract and Funding for 2021/22. The book contains full tax rates and allowances based on the Finance Act 2021 and updated guidelines on NHS Pension Schemes. Changes to the GP Contract for 2022/23 are provided as an update. However, the figures in Budget 2022 may be affected by amendments made to the Finance Bill before it becomes the Finance Act 2022.
The Author: M Bashir Khatri is an accountancy graduate from Thames Valley, the University of West London. He has done post graduate studies with the Durham University Business School and was awarded Master of Business Administration in 2008. Later he gained the ACCA Certificate in International Auditing. He is a Fellow of the Institute of Financial Accountants, a Fellow of the Federation of Tax Advisors, and a Fellow of the Chartered Management Institute. He has many years’ experience in the accountancy profession and has been with firms of chartered accountants in St Austell, Hove, London and Leicester. He has his own professional accountancy practice for many years. Click Here.