Accounting for General Practitioners is totally different and you need someone who has experience in that field to make sure that your accounts are presented properly, grossing up all reimbursements. Your accounts should give you the detailed analysis of income and expenses you need to make good decisions for your practice. If not give us a call and see if we can help.
We act for a large number of general practitioners, hospital consultants and locums. While our services to our consultant clients involve in the main the preparation of their income tax returns including their self employed consulting income, the services to GP's are varied. We can tailor a package to suit your own needs. We can handle everything from the bookkeeping and payroll upwards to the completion of your accounts or you can opt to carry out various of the functions in house leaving us to deal with the annual accounts and tax returns.
Every GP has to submit an annual pensionable earnings statements and we help with this. We review what is being deducted now to ensure that, if there is an under or over payment, that you are aware of it and can take steps to sort it out.
Have you reviewed the level of your personal expenses claims in recent years to ensure that they accurately reflect business use? HMRCnow expect a mileage record to back up your car expense claims on GP business. If you do a mix of hospital and private work, it is unlikely a claim for mileage between the two will succeed. Now is the time to get these correct!
If you employed, are you claiming tax relief on all of your medical related professional subscriptions and insurance? If not give us a call to sort this out for you.
If you are employed and your tax code is BR there is a very good change that this is not taxing you correctly. If your salary is up to £50,000, your could be paying too much tax but if your income is higher than that, you could have a significant underpayment.
Did you know that, if you have a loan secured over the practice premises, you could restructure your finances in a much more favourable way for inheritance tax purposes. If this is of interest call 0141 221 2257 to arrange a meeting.
Practice Finance, Profits, Tax and Pensions