Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

How the Employer National Insurance Hike Could Impact Your Medical Practice Finances

6 Nov 2024 · 1 min

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Ndubuisi 'Andy' Egwim explains how an increase in employer National Insurance (NI) will affect medical professionals. He states salaried doctors (e.g., residents) are not directly affected, while GP partners and private practice owners face significant impact because employer NI rises from 13.8% to 15% and the threshold for liability falls from £9,100 to £5,000 — meaning more employees/salaries will incur the charge and practices will face higher operational costs.

Questions this video answers

From 13.8% to 15%.

From £9,100 down to £5,000.

Chapters

So how will the increase in employer national insurance affect me as a doctor? That's the next question. Well, if you're a salaried doctor, like a resident, this change won't hit you directly. But for GP partners, private practice owners, it's quite significant, really, because their employer NI, is increasing from 13.8% to 15% and the threshold to start paying it would also drop. So more people have to pay from £9,100 to £5,000. So this means higher operational costs that could affect practices and even small businesses generally. So your income as a GP partner or a private practice owner could actually be impacted. Basically, it means that more salaries will be incurring this charge, leading to increased costs for healthcare employers.