Finance
As you know, next week we are fortunate to have Andrew Spokes, a partner at the excellent accountancy firm Williamson-West running the day with me. It will obviously all relate to money!
Our plan is to spend the morning talking about being self employed (a new experience awaiting most of you!), and working as a locum. During the afternoon we will be learning how to look at a set of practice accounts, and to draw various conclusions from them.
Whilst this might all sound a rather dry subject, Andrew has a very approachable and interactive style. He always gets fantastic feedback, and it is great fun to see his audience move through the stages of boredom-scared-really scared-really, really scared-comprehension-greed....
As a brief piece of homework, could I ask that each of you has a chat to your trainer about the financial aspects of the practice. Most will be happy to show you the practice accounts, on condition that the details thereof are kept confidential. If so, please pay particular notice to the following:
- Income/expenditure
- Capital accounts (property and general)
- GMS (or PMS) and non NHS income
- Outside commitments
- Partnership shares, and how they are calculated.
- Drawings, regular and bonus.
- Tax - is it paid by the practice, or by the partners individually?
Written by: Bill Irish
Last update: 29 August 2007