STOP PRESS! - News Bulletin
15.12.2021 , BY Kate Perry
15.12.2021 , BY Kate Perry
The NHS is a constantly changing environment to work in and things are developing all the time. I shall be highlighting some recent updates and changes that you should all be aware of, such as the New to Partner payment and Pay Transparency.
New to Partner Payment
It has been confirmed that the ‘New to Partnership Payment Scheme (N2PP)’ has now been extended into the 2022/23 financial year. A significant change is that they have now removed the requirement to apply within six months of commencing a partnership role. This change is including all submitted applications that meet all other eligibility criteria. Therefore, any of you who may have not applied yet or were rejected on this basis, still have the opportunity to receive this payment. They will be reviewing all previously submitted applications but if you have any queries, you are advised to email the N2PP team. Do note that there will be a cut-off date for applications after the scheme closure date but there will be advanced notice of this.
Pensions Annual Allowance Charge Compensation Scheme 2019/20
This scheme guarantees that any annual allowance tax charge for eligible clinicians will be compensated at the time of retirement. This can only be applied for if you have submitted a Scheme Pay Election for the year 2019/20. A third window has now opened for applications which closes on 11th February 2022.
As you may all now be aware, the new Pay Transparency contract changes have now been postponed until next spring. Unhelpfully, this change was made two days after the required date of submission. Therefore, just to confirm, for any of you who did submit your declaration, this information will not be published. We are sincerely hoping that they will abandon the idea altogether but we shall have to wait and see.
Changes to Superannuation Tier Rates
Please reminded that the superannuation tier rates for employees are changing from 1st April 2022, with a further change expected from 1st April 2023. For higher earners, this will be a reduction of up to 1%.
PCNs Deferring Income
We would like to remind PCNs that whilst they remain non-legal entities, it is not possible to merely defer surplus income. Income can only be deferred to cover a specific known costs to be incurred in the following year. Income cannot be carried forward again into the following year and must be disclosed on each members’ practice accounts to ensure that tax is correctly paid on the surplus as required by HMRC.
If you are a client and have not yet sent us your tax return information for 2020/21, please do so NOW. We cannot guarantee to be able to prepare your tax return by the due date of 31st January 2022, if this is delayed beyond the first week of January.