GP Practices & Locum GPs
Practice profitability, to pension planning and associated tax issues
We understand the unique challenges GP practices face and how practice finances are often interlinked with the personal financial goals of the business owners. From practice profitability, to pension planning and the associated tax issues increasingly facing partners, our knowledge of the GP landscape and the NHS help us in our work with both practice managers and partners.
We are also one of the few accounting firms in the region to be members of AISMA (Association of Independent Specialist Medical Accountants). As a member we have unrivalled financial intelligence on what makes the most profitable, well managed medical practice, and we share this with our clients providing benchmarking data and sector insights.
How we can help the practice:
- Annual and/ or Management Accounts, including accounting software set up and support
- Benchmarking to identify opportunities to improve profits
- Tax planning and advice, including capital allowance reviews
- Superannuation projections and compliance
- Budgeting and cash flow, drawings projections, capital and refinancing
- VAT advice including VAT health checks and MTD for VAT
- New surgery development and funding, including assessing the best ownership model
- Practice mergers, including financial due diligence and forecasting
- Assessing new contract opportunities and advising on business structures
How we can help the partners:
- Personal tax planning, in particular for Annual Allowance and Lifetime Allowance issues relating to pensions, built on our knowledge of the 1995 and 2015 schemes
- Retirement advice in conjunction with our Francis Clark Financial Planning colleagues
- Advising potential partners on buy in and the financial implications of partnership
Many GPs will work as locums at some stage in their career, either as their main income source or as part of a portfolio of roles which may mix salaried and self-employed work. We help locum GPs get started in the right way, advising on tax and NI, record keeping, what expenses are tax allowable, pension obligations (Forms A and B and Type 2 certificate) and how much to set aside to cover the tax bills. We also advise on the pros and cons of using a limited company to supply your services.