www.independent-practitioner-today.co.uk
December 2020-January 2021 Issue 128
INDEPENDENT PRACTITIONER TODAY
The business journal for doctors in private practice
In this issue
Price-fixing detectives are on your case
Advice on how to avoid breaching anti-cartel laws P16
Harness people power
Jane Braithwaite begins a new series on managing people, exploring employment models and leadership styles P22
£12.50
In this issue
The top ten PPUs
The published accounts for 2019-20 show that all of the top-earning private patient units are in London n p44
A new dawn in my fight for justice Surgeon David Sellu gains his release from prison after getting his conviction for P30 manslaughter overturned
Take a fiscal check-up By Robin Stride
Independent practitioners who also work in the NHS are being urged to take a pensions and tax health check-up as they contemplate their future in 2021 and beyond. This time of year makes many doctors question their desire to keep working, according to specialist medical financial advisers. Patrick Convey, technical director at Cavendish Medical, reports this is particularly so right now, as they face the usual winter crisis and extra challenges dealing with the ongoing pandemic. He told Independent Practitioner Today: ‘After such a momentous period in history and the significant burden of harsh tax limits in recent years, many consultants we speak to are keen to explore other routes – whether that is reducing NHS commitments in favour of private work or retiring early. ‘The key to making successful lifestyle changes is planning ahead and ensuring you have conducted extensive financial modelling to verify the best course of action.’ With 2021 stretching in front of them, he believes many consultants and GPs in private practice should check their own pension and tax position as soon as they can. Mr Convey said: ‘Are the figures in their personal pensions stateIn association with
ment just received from the NHS Pensions Agency correct? ‘Have they applied to Scheme Pays to ensure the Government pays their 2019-20 pension tax charge? ‘We have yet to see the outcome of the “pensions flexibility” consultation from 2019, but we would hope to see the results of the 2020 consultation into the 2015 Pension Scheme age discrimination this year. There could be important decisions ahead for the busy consultant. ‘As always, we would counsel accepting some professional help to check where you are now and to find the best route ahead.’ He doubted a pay rise, signalled in Chancellor Rishi Sunak’s Novem- ber Spending Review, would be enough to ease a likely workforce crisis. The level of increase has not been specified, leading to many consultants questioning if the rise will be higher than inflation, said Mr Convey.
Patrick Convey
Vanessa Sanders
This time of year makes many doctors question their desire to keep working Mr Sunak had told MPs: ‘Taking account of the pay review bodies’ advice, we will provide a pay rise to over a million nurses, doctors and others working in the NHS.’ Mr Convey said with the public sector otherwise forced to accept a ‘pause’ in their pay increases, it seemed t he Government was attempting to address the enormous commitment of the health service workforce. ‘However, there is little confidence among our clients that the increase Xxxxx will be substantial given that the decision has been deferred until 2021. Also, the Chancellor stated that the review bodies’
advice would be taken into account – but this has been ignored in the past.’ Medical accountants Stanbridge A s s o c i a t e s’ p a r t n e r Va n e s s a Sanders advised: ‘Plan for how much you will need and work backwards from a broad base and over a number of years. This means considering how you trade in private practice and how to draw income earned. ‘Consider what are your financial needs and how best to approach meeting these. This could be through increased hours in the NHS or through private work.’ ➱ continued on page 7