Primary Care Network (PCN) Financial Statements to 31 March 2020
It has been almost a year since PCNs were introduced to the NHS landscape and it is now time to ensure that your PCN is able to provide you with a copy of the PCN Financial Statements covering the allocation of income and expenditure for the period to 31 March 2020, and the assets and liabilities as at that date, across the member practices. This will enable the practice accounts to reflect the correct share of the income and expenditure that your PCN has received, or paid for, on behalf of your practice, together with the underlying surplus held on behalf of the practice.
It is vital that the accounting treatment of this is done in accordance with HMRC tax and accounting standards so that surpluses can be taxed and pensioned correctly. We therefore recommend that a Healthcare Specialist accountant prepares the PCN statement.
We have experience of dealing with this for a number of PCNs and would be happy to apply our wealth of knowledge regarding the unique issues of the Healthcare sector relating to tax, pension and VAT issues for PCNs, and assist with preparing your Financial Statement including liaising with any other PCN members’ accountants to acquire the necessary information.
For further information about this service, please contact a member of our healthcare team on 01253 404404 or 0115 9721050. Alternatively, please email your query to firstname.lastname@example.org and we will get back to you.
About our specialism
We have a dedicated healthcare team which consists of 30 members of staff who look after over 100 medical practices.
We are members of AISMA which is a network of independent accountancy firms throughout the UK specialising in services to the medical profession. Recently, as Board members of AISMA, we worked with the BMA in creating a reimbursement form to assist medical practices in claiming additional costs during the Covid-19 pandemic.
We have a breadth of experience working with PCNs and can provide support with a variety of areas, including:
- Review and advice on the financial aspects of your PCN agreement
- Advice on your PCN structure considering the long-term strategy over the 5-year contract plan
- Prepare an annual statement of the transactions to enable the correct figures to be allocated into the member practice partnership accounts
- Provide personal tax and pension advice in respect of the role of the PCN clinical director including assessment of the different ways the role can be paid for
- Advice on the VAT implications of transactions across the PCN, review cost sharing group provisions and help meet HMRC requirements to ensure the PCN operates within the VAT rules
- Advice in respect of staff employed by the PCN or hosted by a PCN member on their eligibility for access to the NHS pension scheme