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Just qualified? Salaried GP, a Locum GP or accept a partnership as a GP Principal ?

I have just qualified and I can't decide whether to be a salaried GP, a locum GP or accept a partnership as a GP principal - how can I make up my mind? 

You need to set out your personal priorities and, once you have established these, conduct your own research and on top of this take professional advice – this is not a straight forward like for like comparison.

If you are a salaried GP your circumstances don’t change at all from being a registrar. You can go on paying your tax in the form of PAYE, National Insurance and your superannuation contributions remain the same, or similar, and are deducted for you by your employer.

From a GP locum perspective you are self-employed, responsible to HMRC for your own tax return but you can earn more than a salaried GP on two fronts. On the first, in terms of flexibility you can work as little or as much as you like so life style and money become a genuine trade off. On the second, as a locum GP there is an opportunity to have more tax deductible expenses. Travel expenses are a good example of this, as you are registered as operating from your home address the journeys to and from home become a tax deductible expense. 

When joining a partnership as a GP principal you are self-employed, again responsible for your own tax returns but without the tax deductible advantages of being registered working from home. However if you are joining a well-run, profitable practice you could be taking a stake in something that’s growing and already successful at the start of your career - but you will need to take advice.  Practices differ wildly, some are successful, clinically excellent and well run but others fall short. Depending on different scenarios there may be a requirement to borrow money to pay your share of the working capital of the practice or ownership of the surgery premises. In a situation like this interest on that loan would be an allowable expense for example on a £1,000 interest payment on a loan, an individual being taxed in the 40 per cent bracket would receive a £400 cash benefit.

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  • BW Medical Accountants have a good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.  Benfield Park have been very impressed by the way BW Medical continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice. 

    We have found Practice consultation and engagement from BW Medical specifically helpful to shape the future of the Practice.

    Senior Partner
    Benfield Park Medical Group, Newcastle
  • We had no hesitation in moving to BW Medical Accountants.  For any business your accountant is integral, and for us one of the most important factors to this relationship is to have a personal and trusting approach, which BW have undoubtedly achieved. 

    The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us.  More importantly they are always helpful and polite to answer even the dumbest of questions!  They give us confidence and reassurance knowing that they are always very up-to-date with all the numerous changes within general practice and we would have no hesitation in recommending them to other practices seeking a professional and personal accountancy service.

    Jackie Rotherham, Practice Manager
    The James Street Family Practice, Lincolnshire
  • We changed to BW Medical Accountants and I would say we have just had the most transparent and understandable end of year meeting and the best planning advice I have ever had in 16 years of practice.

    GP Partner
    Cumbria

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