
Scheme Pays Election Guidance for GPs
Free consultation with one of our specialists
Optimising Your NHS Pension
GPs facing an annual allowance pension charge can consider a Scheme Pays Election. Nichols Medical Accountants assists in navigating this complex decision, ensuring you understand the impact on your NHS pension.
Expert Scheme Pays Election Support
Making a Scheme Pays Election requires careful consideration of your annual pension savings and potential tax liabilities. Our team provides comprehensive support, from calculating charges to making informed elections.
Extended Services for GP Accounting
Nichols & Co Medical Accountants offer a full range of services that support all aspects of GP practice financial management. Explore our advanced tax strategies and pension management services tailored for medical professionals.
- Accounting
- Taxation
- Benchmarking
- NHS Pensions
- Partnerships & Mergers
- Tax Enquiry Protection
Advantages of Making a Scheme Pays Election
A Scheme Pays Election could be advantageous for GPs exceeding their annual pension allowance. We guide you through the criteria and process, ensuring you meet HMRC requirements without compromising your pension entitlements.
- Calculating the annual allowance charge.
- Assisting with Scheme Pays Election submissions.
- Clarifying the reduction in future pension benefits.
- Ensuring compliance on self-assessment tax returns.


Navigating Pension Choices Together
Our expertise for GPs means we work with you to evaluate the best course of action for your pension strategy, providing clarity on each step of the election process.
“They show a high level of integrity and I value that”
Khalid Ismail, General Practitioner of over 30 years and Senior Partner of South Lewisham Group Practice in South East London explains what he values the most from working with our Nichols & Co team and how we support their medical practice.
Get in touch
Contact us for specialist medical accountancy services for GP Medical Practices
If you’re looking to plan your finances for the future or trying to find an answer to a problem then get in touch today.
Telephone: 020 8850 3300
We’re open from 9am to 5pm Monday to Friday. We are closed on bank holidays.
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