Medical profession

Do your GP accounts show all of your income on a grossed up basis? Do your accountants show internal locums in your accounts? If not your accounts could be costing you money. Good practice dictates that there should be no netting off of reimbursed income against practice expenses and all items should be shown on a gross basis. Accounting for GP's is totally different from normal accounting. Your accounts should give you the detailed analysis you need to make good decisions for your practice.  

We act for a large number of general practitioners and consultants. 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. 

Have you reviewed the level of your personal expenses claims in recent years to ensure that they accurately reflect business use? If not you can be sure that HM Revenue and Customs will over the next few years. Over the past few years they have been reviewing the accounts of dentists in the South and have discovered that it is a lucrative area for recovery of back taxes and it is only a matter of time before this moves both Northwards and over to Medical Practitioners. Now is the time to get these correct!

If you are in an employed position 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.