GP Practices

As a start point we review a practice’s accounting records, to make sure that they are organised not just for year-end accounting but also as a management tool for internal reporting during the year.

In particular you need an early warning if profits are under pressure and we can help your practice manager to identify problems early on.

We review your profits and income to consider tax exposure and to look at opportunities for tax planning. We look at innovative solutions for you, which might include using limited companies within your structure, particularly if your income is such that you are 45% tax-payers – may be you could pay 19% tax instead!

The scope of the services we offer is wide and includes:

  • Preparation of your annual accounts and tax returns. We aim to do this within 3 months of the year end, where possible, but we are flexible on scheduling.
  • Our accounts include a detailed benchmarking service which we go through with you to help you to understand how your finances compare to other practices and to pinpoint where you may be able to adapt and improve your profits.
  • We provide tax forecasts as soon as draft accounts are available so that you have plenty of warning of future tax hits. This also applies to any underpayments of NHS superannuation.
  • We look at drawings calculations and special pay-outs for partners to ensure that capital and current accounts remain in line with profit and capital sharing arrangements.
  • We come to see you at least once a year to meet all the partners and the management team. This is a comprehensive meeting to look at your accounts, tax planning and to talk to you about recent developments in your practice and in the national arena.
  • At your request we can meet you more regularly. This is usually when there is something specific going on, such as a new venture, or surgery build or when partners are leaving or joining the practice. We can help you to manage such changes painlessly.
  • We are regularly considering and supporting merging practices and working at scale organisations. At the outset we carry out due diligence, advise on structures and support GPs and practice managers through the set up process, working with lawyers experienced in this type of project, who we can introduce to the team.
  • We regularly assist practices with casflow management, using forecasts which we populate and review with our clients.
  • A current hot topic is the possible application of IR35 legislation where practices engage the services of locums, pharmacists etc on an ad hoc basis.
  • We advise on all aspects of the NHS pension scheme and how it works for GP principals and your staff. Currently we are talking to our clients about tax planning for the Lifetime Allowance and Annual Allowance.
  • We offer a book-keeping service which can be a very cost effective option for you.
  • We also offer access to a payroll bureau service as a long or short term solution.
  • If you are VAT registered – and we act as accountants for lots of dispensing practices who are – then we can help you with the complexities of VAT legislation and even do your VAT returns for you.
  • We can install accounting software and train your team to use this to give you a comprehensive internal accounting system, with useful management reports to look at throughout the year. This will become more important when HMRC roll out their Making Tax Digital programme from 2019.