Medical – accounting in the healthcare environment
Just as medicine is an incredibly specialist area, medical accountancy is a specialism in its own right.
Whether you are a GP, pharmacist, dentist or optometrist, a practice owner, practice partner or a locum, healthcare accountancy raises its own unique issues that require in-depth knowledge of the medical arena.
With over 30 years experience in medical accountancy, and the finance, taxation, practice management and pension issues affecting doctors and healthcare personnel today, we can offer expert advice and support to ensure you make tax efficient decisions at every stage of your career and tailored to your individual personal circumstances.
Our experienced medical accountants are fully versed in GP and medical specific issues and can target advice specifically to the requirements of a medical practice or healthcare centre.
We can help with:
- Preparation of annual partnership accounts
- Preparation of annual personal income and expenditure statements
- Preparation of partnership and personal tax returns
- Preparation of superannuation certificates
- Advice regarding retiring and new partners, capital accounts, level of drawings
- Guidance regarding the NHS pension scheme
- Assistance with obtaining finance for business or personal requirements
The move to self-employment can be confusing as far as dealing with HMRC is concerned
We can help by:
- Reviewing your position to date to ensure that all available tax relief has been claimed and tax has not been overpaid
- Dealing with the submission of registration forms to HMRC to ensure penalties are not incurred. HMRC need to be notified within 3 months of you becoming self-employed, so it’s important to involve us as early as possible
- Dealing with forms regarding payment of Class 2 National Insurance
- Advising you on the records you need to keep
- Advising you of the expenses you can claim to set against income in calculating tax liability
- Advising on the procedure for paying superannuation contributions and dealing with GP SOLO forms
- Preparing annual accounts and tax returns, advising you of your tax liability well in advance of the due payment date
Becoming a medical practice partner
Having gone through a period as a registrar and possibly a locum, many GPs look to join an established practice as a full or part-time partner. This is a big step that requires thought and planning, with many factors to consider before committing to a practice.
We can help you:
- Review the accounts of a practice, looking at the business proposition, and discuss these with you
- Discuss the financial implications of joining a practice
- Discuss the proposed profit sharing arrangements
- With advice on the tax consequences and liabilities arising, explaining potential tax bills and timing of payments to be made
- Understand the system for claiming expenses to be set against tax and the record keeping needed
- Reach a partnership agreement
- Research on raising any finance required to buy into surgery premises, or providing partnership capital
For more information on this service, please contact Brian Keates.
Telephone Brian on 01922 418111 or email email@example.com.