Financial management considerations for GP partners

All GP partners need to understand financial management and the implications of being a partner in a monetary sense. This training module aims to furnish all partners with the knowledge and acumen required to play an active part in the business side of their partnership. The key areas covered will be as follows:

• Becoming a partner – what self-employment means for you
• Tax implications and how to manage your personal finances under a non-PAYE model
• Calculating drawings and dealing with bi-annual tax bills
• Understanding capital requirements for new partners and funding options
• Property – to own or not to own?
• Pension implications of becoming a GP partner
• General overview of partnership accounts and GMS/PMS funding streams
• How your practice interacts financially with its PCN
• Taking ownership of the practice as a business and the use of a specialist accountant.
  

Traditional GP partnerships have been fairly hierarchical in their nature in terms of seniority but all partners need to take an active part in practice decision making. To enable this a solid foundation in terms of financial understanding is crucial.

This two hour workshop will be delivered using the Zoom platform and will be delivered by specialist medical accountants. The workshop is perfect for new partners who could potentially use the training support monies available under the new to partnership payment scheme to cover the costs of this training, and for existing partners who need to increase their understanding of practice financial management.