Medical Accountant & Tax Consultant

GP Practices-Key Features:

Accounts for Practice Partnerships

• We offer an all-inclusive fixed fee for accounts, taxation and general advice with unlimited email and telephone support
• Timely preparation of Annual Return and Accounts.
• Appraisal of the practice finance with our ratios and statistical analysis so you can compare your practice performance with others
• Explanations of partner’s capital/current accounts together with advice on working capital requirement
• Drawings projections prepared and discussed with the partners including additional drawings projections throughout the year, to help plan for changes to practice profits
• Advice to partners of their income tax projections prepared in advance of liabilities falling due
• Succession planning with advice on new partners joining or the retirement of partners
• Advice for retiring partners including capital gains tax on sale of surgery premises.
• Additional advice given on all aspects of GP finance, including mergers, premises reimbursements, employment status of locums, including personal medical services, extra income generation, etc.

Taxation

• For Partnerships, we complete the partnership tax return
• Completion of partners personal tax returns including advice on personal expenses claims to help reduce tax liabilities
• Tax planning advice to help reduce tax liabilities
• Phone calls and emails returned within 24 hours, letters within 2 days
• Proactive advice delivered through courses, meetings, and email.

1. Locums

Working as a Locum doctor can give you flexibility and a varied work experience, but making sure you are being paid correctly and not storing up trouble with Revenue can be more difficult, which is where we can help.

1.1 Umbrella Company for Locums

Umbrella companies ‘Off Payroll’ working
An umbrella company offers many of the benefits available through a limited company but without the administrative burden.

1.2 Accounting & Tax for Locums

Our Expert team provide a wide range of accounting and taxation services to locum doctors.

Our charges are important to clients and we therefore quote a fixed fee for our recurrent services. The quote will depend on the locums’ circumstances and the quality of their record keeping.

Fees for the non-recurrent services would be based upon the time involved and would be agreed prior to the work being carried out.

1.3 Limited Companies for Locums

Can be a tax efficient choice

Structuring yourself as a limited company can be a very attractive business structure. In the right circumstances it is possible for a doctor to achieve savings by:

• Splitting their income with a spouse or civil partner.
• Arranging for income to be taxed at 20% rather than the higher 40% or 45% tax rates.
• Reduce National Insurance Contributions.

3. GP Medical Practices

For GPs to survive they need all the help they can get. They need a specialist GP accountant who will ensure they understand their practice accounts, understand their taxation and help achieve their long term financial goals.

3.1 Accounting for GP Practices

So how do you choose the best Accountant for your GP Practice?

Firstly, and perhaps most importantly, you want an accountant with experience in working with GP Practices, so they know what to look for and understand the issues.

3.3 Taxation for GP Practices

Dealing with taxation can be, well, taxing

Rules change constantly. Something that was OK yesterday can be suddenly wrong today, and the fines for non-compliance or late filing are much more onerous than they used to be.