Important Deadlines for GPs Finances in 2022

The new calendar year may have started but there are still a number of important deadlines coming up for GPs to deal with to keep their finances up to date.

Pension forms

Annual Certificates of Pensionable Profits for Type 1, Type 2 and Limited Company Annual Certificates of Pensionable Profits must be submitted by 28 February 2022. The 2022/23 ‘Estimate of GP and non-GP Provider NHS Pensionable Profits/Pay’ form must be submitted by 1 March 2022.

24-hour retirement

The Government temporarily relaxed the restriction in place whereby a member takes 24-hour retirement and returns to work. Ordinarily, 24-hour retirement requires pension scheme members to return to work for no more than 16 hours per week in the first calendar month following 24-hour retirement. The temporary measure removed this restriction and members could return to work full time. The measure ends on 24 March 2022, therefore, 24-hour retirements taken on or after 25 March will require pension scheme members to only work up to 16 hours per week in the first calendar month. It is important for members to plan accordingly regarding their retirement.

Investment tax reliefs

If you want to make use of your investment tax allowances for 2021/22 then you need to act well before the end of the tax year on 5 April. Don’t forget that tax breaks like the annual capital gains exemption of £12,300, the ISA allowance of £20,000 and the annual limits for venture capital investment schemes (such as the Venture Capital Trusts, the Enterprise Investment Scheme, and Seed EIS) cannot be carried forward. So get advice from your Independent Financial Adviser on how to use them before you lose them.

For help and advice on these or any other tax issue, please get in touch with our team.