When things are going well in a partnership, a Partnership Agreement is almost superfluous. But when things go wrong! A well constructed, easily read Partnership Agreement will pay for itself 100 times over if there is a partnership dispute, and may well prevent the dispute arising in the first place. Read the Partnership Agreement tips contributed by our legal practice associates, Davidson Chalmers.

Most GPs have a very full life outwith the practice - with large financial commitments! School fees, big mortgages, kids at university - the list goes on and on . Many want to retire at 55, but the strain on their finances prevents them from doing so. But it is all achievable if you embark on a Financial Planning exercise early enough. Read our financial planning section contributed by our associated independent financial advisers, Condies Wealth Management Ltd. to see what steps you can take.

The scheme involves one of our specialist team spending time with your Practice Manager at the practice, reviewing the relevant internal procedures, and carrying out further analysis of the offending item(s). We then prepare a detailed report explaining how the problem has arisen, and what corrective action is needed. Often, if our findings are that the practice has missed out on a claim or reimbursement to which it is entitled, the Health Authority can be persuaded to make up the shortfall retrospectively.

Because Profit Improvement assignments can be quite varied in the extent of the remit, this work is charged for on the basis of time necessarily spent on the task. An indicative fee will always be given in advance if requested however.

Our legal services are provided by Davidson Chalmers, a medium sized commercial firm based in Edinburgh.

Modern Partnership Agreements provide an opportunity to avoid some of the pitfalls of the Partnership Act 1890 which is still in force today and is the legislation responsible for setting out the general law of partnerships. Unless your Agreement provides otherwise the Partnership Act will apply in a number of ways, the effect of which might be to create a situation which none of the partners had contemplated. For example, any partner withdrawing from your practice will have the effect of dissolving it.

Partnership Agreements are not all doom and gloom! There are some day to day issues to deal with governing, for example, the financial aspects of the practice and also decision making. As the numbers of partners in a practice increase, it may be easier to circulate details by email of any issues requiring a partnership wide decision. But should a decision be by simple (50.1%) majority or a special (75%) majority or even higher? Much will depend on the circumstances. What is crucial though is that the issues are thought through in advance and your practice has a clearly defined procedure for decision making. It may be more efficient to structure your partnership into committees where each takes responsibility for a different area of management such as finances, buildings or employees.

If your surgery premises are owned by a group of partners in your practice, it may not be appropriate or desirable to have incoming partners sharing in the future increase in value of the building. Property ownership will be more complex when there are loans and endowment policies involved. Your practice premises are a very valuable asset and merit detailed thought. There are numerous issues to address when sitting down to consider a new Partnership Agreement. We would like to have the opportunity of helping you to identify the issues which are appropriate for your practice and to save you time and money by avoiding unnecessary complications in the future.

Regulated by the Personal Investment Authority, Condies Wealth Management Ltd provides independent, impartial advice on all aspects of financial planning tailored to GPs' requirements. In the complexity of today's marketplace our Advisers have the knowledge and experience to confidently guide you through the financial maze.

Not always thought of as a 'people business' our vision is just that; to develop and nurture long term relationships with the emphasis firmly based on trust. Of course, we are equally aware that professional integrity is just as important and that decisions taken based on the advice given are vital to your financial security, and peace of mind.

Pension Provision
GPs contribute 6% of their NHS earnings as a personal contribution into the NHS Scheme. Retirement benefits can be augmented by giving up the tax relief on the 6% contribution. Giving up the 'A9 benefit' will allow NHS earnings to be pensioned in full leading to potentially large levels of income tax relief. For those GPs who have private earnings pension contributions may also be made against these earnings, once again attracting tax relief. Alternatively, NHS benefits can be enhanced by contributing into Additional Voluntary Contributions also attracting tax relief.