Medical profession

From locums to GP practices, we can help

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.

We act for a large number of general practitioners, hospital consultants and locums. While our services in this sector mainly relate to the preparation of income tax returns, the services we offer to GP’s are varied. We can tailor a package to suit your own needs. We can handle everything from the bookkeeping and payroll to the completion of your accounts, or you can opt to carry out some tasks in house leaving us to deal with the annual accounts and tax returns.

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 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.

At Thomas Barrie & Co, we can help assess your pension annual allowance position before a problem arises.

If any of the above affects you, call us to arrange a meeting.