Medical Accounts & Tax
We have been working with healthcare professionals since 1976 and in 1998 we became a member of the Association of Independent Specialist Medical Accountants (AISMA), which consists of over 75 firms of Accountants representing over 12,000 GP’s in 3,000 Practices. To be a member we are required to maintain certain standards and membership is not automatic.
Lucie Boaler is the acting partner for our healthcare sector clients and she deals wholly with their Accountancy and Taxation affairs. She is supported by a dedicated team who have vast experience with medical practice accounts, locum/consultant expense claims, superannuation certificates and personal/partnership tax returns.
All members of our medical team regularly attend courses run by AISMA and ICAEW Healthcare Group which ensures that we are up to date with consistent changes within the Profession. We also subscribe to Medeconomics.
We currently act for over 40 medical practices and primary care networks, and almost 500 healthcare individuals, including locums, consultants, dentists, general practitioners and retired general practitioners.
Our knowledgeable, dedicated team can provide a proactive service, which includes:
We can prepare user friendly financial accounts in a timely manner, including statistical information comparing your practice’s results to AISMA averages. We can also help you identify where your practice is under-performing and offer advice on reducing costs and improving financial performance. Detailed calculations for capital account equalisations and future drawings can be provided and discussed as required. We can also provide estimated profit figures for PSCE and for the publication of earnings disclosures on your practice website.
We aim to minimise tax liabilities by ensuring that all relevant allowable expenses are claimed when we prepare your personal expense claims.
We will always prepare your Partnership or personal tax return on a timely basis. Tax liabilities will be minimised and you will be provided with early warning of future tax liabilities. New and retiring doctors will be made aware of overlap relief issues.
Advice can be provided in respect of all financial issues specific to your medical profession, particularly profit sharing arrangements and property ownership.
Annual Certificate of Pensionable Profits
We offer advice and prepare detailed calculations in respect of your certificate of pensionable profits which is required to be submitted to your local PCT by 28th February each year. Future liabilities will be advised in a timely fashion. We can also complete type 2 salaried GP superannuation certificates for individual salaried GPs.
Personal Financial Planning
Whilst we can only advise you generally on personal financial issues, we can put you in touch with experts in your field to assist you as required.
We have extensive knowledge of the surgery market place and work with Chartered Surveyors to offer advice on valuation of properties, 3 yearly rental reviews etc and of course all types of ownership issues.
Dispensing Practices and VAT
We can assist with the requirements of VAT legislation and provide assistance and advice as required with your computer software and the completion of VAT Returns
Pension Tax Charges
We have a working relationship with solicitors and financial advisors who specialise in legal matters for the medical sector.
Please contact us today to hear more about our specialist medical accounts and tax services.