Scheme Pays Election Guidance for GPs

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    Home » Services » GP Medical Practices » NHS Pension Review for GPs » Scheme Pays Election for GPs

    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.

    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.

    We have received an excellent service since we moved to Nichols & Co. The transition has been the most hassle-free and transparent. They are always very helpful with any queries you might have and have a very good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.
    We have been very impressed by the way Nichols & Co continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice.

    At the year-end meetings, the accounts are presented in an understandable format without any unnecessary jargons. We have found Practice consultation and advice on Practice as well as personal tax matters from Nichols & Co specifically helpful.
    We would not hesitate to recommend them to other GP Practices.

    Dr William Jasper, GP Partner

    I am a GP who works both in salaried and sessional roles. I have been with Nichols & Co for nearly three years. They have helped with my tax returns and can help with the range of different forms required in GP work. Danny and Shadmir have been accurate and efficient in their advice and guidance throughout. They have also been helpful and responsive when I have needed advice on the purchase of a car and also when looking to prove my income in order to get a mortgage.

    The system for providing income details and expenses is very easy to use and the summary they provide of how and when to pay your tax could not be clearer. I would recommend Nichols & Co to any colleague looking for an accountant with a good knowledge of GP work. 

    Dr C DeSouza, Salaried GP

    I’ve been with Nichols and Co for nearly 10 years with Debra being my accountant. I first contacted them when I received letters for tax arrears due to the wrong tax codes being applied during my hospital jobs.

    Debra sorted this matter out and has always provided helpful and honest advice regarding tax matters. She has also helped my wife with her tax returns. I would definitely recommend their services for accounting matters with a special interest in helping doctors with their tax affairs. They are approachable, helpful and efficient.

    Dr Ravi Bansal, Locum GP
    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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