Small business owners face increased HMRC scrutiny amid Labour’s tax gap initiative
As the Labour Government sets its sights on closing the tax gap, small businesses and their owners could be targeted. Find out more in our infographic here.
Accounting for Doctors & Medical Professionals
We’ve been providing expert accountancy and consultancy services to GP medical practices for many years, helping clients deal effectively with any challenges they face.
Your main concern is providing your patients with a high level of care and services, but as medical practices are facing a huge shortage of GPs, frustration over lack of funding, and an unprecedented demand for their services, it can be difficult to find the time to keep up to speed with industry and regulatory changes and take advantage of possible opportunities.
Despite the issues facing medical practices, they’re expected to receive greater funding to expand services at a local level, and the use of technology is anticipated to improve patient access in line with the NHS’s five-year plan.
We’re here to help you comply with relevant legislation, and guide you through the opportunities open to you. We’ve been working with GP practices, partners, and locums for many years, and offer a fully integrated service that takes into account both your business and your personal goals.
Your main concern is providing your patients with a high level of care and services, but as medical practices are facing a huge shortage of GPs, frustration over lack of funding, and an unprecedented demand for their services, it can be difficult to find the time to keep up to speed with industry and regulatory changes and take advantage of possible opportunities.
Despite the issues facing medical practices, they are expected to receive greater funding to expand services at a local level, and the use of technology is anticipated to improve patient access in line with the NHS’s five-year plan.
GP’s finances can be complex and there are many areas that may require assistance or advice. Our team of GP accountants aim to remove the burden placed on GP practices by providing tailor made advice. We are here to help you comply with relevant legislation and guide you through the opportunities open to you. We have been working with GP practices for numerous years and understand the importance of balancing management of finances, people and patients.
Becoming a Partner is a significant career step that is fraught with challenges, as well as changes in how you manage your finances, taxes, expenses. We aim to remove the financial pressures and guide you through any changes that your role may entail.
Similarly, we can assist salaried GPs by ensuring efficient management of your accounting and finances. We create tailored advice to assist each of our clients, and ensure that the financial intricacies of managing your own income streams are dealt with as well as advising on tax returns, tax codes and NHS pensions.
Managing accounts as a locum can become complicated. Dealing with numerous contracts and having flexible hours can make it challenging to maintain accurate records. As a GP Locum, you are responsible for your own finances and choices regarding tax. It may be best to seek expert advice to ensure that you are making the correct decisions. Equally, it is important to ensure you are managing your finances efficiently to avoid HMRC penalties.
Consultants will have multiple income sources, each potentially requiring different treatment of tax and national insurance. As well as assistance with tax planning, returns and annual accounts, we can assist with book-keeping.
To maximise financial potential and patient service, groups of practices are becoming ever more common; these are known as GP federations or ‘super practices’. The remit of a federation is to share responsibility for delivering high quality, patient-focused services for its communities.
As a federation combines multiple practices, we appreciate that it can be challenging to remain abreast of multiple accounts, finances, bookkeeping. Our team of experts can effectively support by advising on all aspects of business planning, accounting, bookkeeping, payroll.
99% of GP services are now part of a PCN. PCNs can be complex to manage due to the numerous income streams, deadlines, policies, and VAT. Effective management of your PCN is crucial to ensure the correct tax statements, proper bookkeeping, and smooth running. Due to the recent establishment of PCNs in 2019, there are regularly topical changes which are important to understand and seek advice on.
We also provide a comprehensive range of services to individuals including, personal tax advice, financial modelling, and investment management.
As well as providing up to date, topical advice concerning policy/ legislative changes.
In the demanding field of medical profession, we can help relieve the financial pressures through our advice and industry leading services. Whether it be NHS pensions or assistance with your accounts, our team of healthcare accounting experts will be happy to assist you. Should you require any support or wish to chat with our experts, please use the form below to contact one of the team.
Contact us today to find out more about how we can help you
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