Accountants for GP Practices & Locums
Accounting for General Practitioners is a specialist area 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.
Whether you’re a general practitioner, hospital consultant, or a locum, the scope of our services covers critical financial aspects of your profession. Our expertise allows us to customise a service package to fulfil your specific requirements, including:
- Bookkeeping & Payroll
- Tax Returns & Accounts
- Pensionable Earnings Statements
Every GP has to submit an annual pensionable earnings statement 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? HMRC now expect a mileage record to backup 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 are employed, are you claiming tax relief on all of your medical related professional subscriptions and insurance?
With the introduction of changes to tax relief on pension contributions, we have seen a rise in dentists and orthodontists being caught out with large tax charges.
Accounting for Medical Practitioners
When providing financial guidance for medical professionals, we recognise the complexity and unique challenges they face. We take pride in our expertise with matters such as the NHS pension scheme, private practice earnings, and general practice financials. Our approach is precise and ensures compliance with HM Revenue and Customs regulations, as well as maximising deductions.
For general practitioners, the financial landscape includes:
- Managing Accounts: track income and expenses, ensuring accurate financial reporting.
- Tax Planning: Implementing strategies to utilise allowances and reliefs specific to medical professionals.
- NHS Pension Guidance: Advising on contributions and potential benefits for long-term planning.
- Private Practice Transactions: Monitoring and advising on the financial aspects of secondary income streams.
Our accountancy services are tailored to the needs of doctors and general practitioners who require a detailed understanding of their professional and personal financial matters. By partnering with us, medical professionals can expect a robust financial strategy that respects the nuances of the healthcare sector.
At Thomas Barrie & Co, we can help assess your pension annual allowance position before a problem arises.
If any of the above medical accounting affects you, call us to arrange a meeting.