Medical Accountants
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.
Contact us for a free consultation
Medical Accountants – How can they help my business?
Independent specialist medical accountants help healthcare professionals with their specific financial needs by providing tax planning and financial advice. Our services are tailored to medical practices and individual professionals.
Tax Planning and Compliance
Tax accountants help healthcare professionals navigate the tax maze. They ensure HMRC compliance, reducing the risk of penalties. Medical accountants identify the deductions and reliefs available, such as capital allowances for medical equipment. They also advise on VAT and National Insurance, so medical professionals can maximise their take home pay. Proper tax planning helps healthcare providers reduce their tax bill, so they can re-invest the savings into their practice or personal finances.
Financial Advice
Medical accounting services provide financial advice, another key role of medical accountants. We help medical professionals with investment decisions, retirement planning and practice expansion. Financial analysis helps practitioners understand their income and expenditure. Medical accountants advise on funding for new equipment or practice refurbishment. We also help with budgeting and long term financial planning so medical practices can be sustainable and grow while keeping patient care at the heart.
Healthcare Sector Expertise
GP Practices
GP practices as a type of medical practice need financial management to run smoothly. Medical accountants can manage complex billing, track government payments and ensure compliance with healthcare regulations.
We help with budgeting, forecasting and financial planning so GP practices can allocate resources effectively. They also provide cost saving and revenue growth opportunities.
By understanding the financial challenges of GP practices accountants help them stay stable and grow.
Healthcare Consultants
Healthcare consultants benefit from accounting services tailored to their specific needs, especially when provided by a medical accountant. Medical accountants provide full support, tax planning, expense tracking and financial reporting.
We help consultants with self employment, ensuring accurate tax returns and financial planning. This includes advice on pension schemes, professional insurance and investment planning.
Our specialist expertise as medical accountants allow healthcare consultants to focus on their professional work, knowing their finances are in safe hands. This full support means consultants can manage both day to day finances and long term financial goals.
Legal and Government Policy
Tribunal Representation
Medical accountants often support healthcare professionals during tribunals. These legal proceedings may be about employment disputes, regulatory compliance or misconduct allegations.
Legal advice from medical accountants can be key in preparing documentation, financial records and evidence. They need to provide accurate financial statements and detailed records to support the healthcare professional’s case.
Medical accountants help understand the financial implications of tribunal decisions. For example, they can explain fines, compensation or restitution orders. They also ensure professionals comply with any financial requirements set by the tribunal.
Government policy influences tribunal decisions and navigating these policies requires an understanding of healthcare finance and regulations. Accountants act as intermediaries, translating complex financial data into plain English for legal purposes.
Healthcare Regulations
Compliance with healthcare regulations is non negotiable for medical accounting. Regulations may be about financial reporting, patient confidentiality or funding usage.
Medical accountants ensure financial practices comply with healthcare laws to avoid legal issues and penalties. This includes managing records in accordance with the Freedom of Information Act 2000 which requires public access to certain information so transparency is key.
They help healthcare providers understand and implement government policy. Regular audits and reviews are done to ensure compliance and mitigate non compliance risks.
Specific legal advice is often needed to navigate the subtleties of these regulations to ensure all financial activities are legal and properly documented. This may involve updating practices in response to changes in healthcare laws and policies.
Future and Growth
Medical professionals need a clear and strategic approach to their financial future and growth. Medical accountants can provide valuable consultancy services for this.
Financial Forecasts and Projections
Financial forecasts and projections are critical for medical practices. They help understand future income, expenses and potential financial risks.
Medical accountants do detailed analysis of income statements, balance sheets and cash flow statements. With this data they can forecast future financial performance.
Medical practices have fluctuating income due to varying patient numbers and seasonal trends. Accurate forecasts help mitigate the risks of these fluctuations. Specialist accountants also help plan for major investments such as new equipment or expanding premises. This ensures the practice’s financial stability.
Regular reviews of financial forecasts help practices stay on track so they are prepared for any financial changes or challenges.
Healthcare Financing Innovation
Healthcare financing innovation is another key area for medical professionals. By adopting new financial strategies practices can increase profitability and patient care.
One such innovation is value based care where payments are linked to patient outcomes rather than services provided. This model encourages efficient high quality care.
Specialist medical accountants play a key role in helping practices move to new financial models and ensure compliance with relevant regulations. They offer consultancy services to help practices access grants, subsidies and other funding.
Using new technologies like telemedicine can also have a financial impact. By offering remote consultations medical practices can increase patient volume and reduce operational costs. Specialist accountants can help assess the financial viability of implementing such technology.
Innovative financing strategies keep medical practices competitive and financially strong in a changing healthcare environment.
Consultancy and Advisory Services
Medical accountants offer a range of consultancy and advisory services for healthcare professionals. These services cover everything from financial planning to complex regulatory compliance.
Specialist consultants in this area provide valuable tax planning expertise. They help medical professionals reduce their tax liabilities while being compliant with HMRC rules.
Financial forecasting and planning is a key service. Medical accountants help set realistic financial targets so practitioners can manage cash flow and plan for future investments.
Legal advisory services is another important area. Consultants ensure healthcare providers are up to date with the latest industry laws and regulations and reduce legal risks.
Performance analysis services include detailed review of financial health to help medical practices identify areas to improve and make informed decisions.
During growth or restructuring they help with strategic planning. They advise on mergers, acquisitions and business expansion.
Risk management is also an area of focus where consultants develop strategies to mitigate financial and operational risks.
They often advise on investment too. Accountants advise on investment strategies to balance profit with security.
By providing bespoke advice these services cater to the individual financial needs of healthcare professionals so they can achieve long term stability and success in their practice.
The benefits of these services are wide ranging and cover both short term financial needs and long term strategic goals.