Medical Accountants

As specialist GP accountants, we understand the complex world of medical accounting and the burden of managing the financial health of your practice.

We believe doctors need the support and advice of medical accountants to successfully navigate the constantly shifting rules applying to those who work in healthcare.

Because of our long experience as accountants for doctors, and the breadth of our client base in the healthcare sector, we're well placed to identify inconsistencies and discrepancies between medical practices.

In fact, by tightening up accounting processes and identifying bookkeeping problems we have saved money for our clients by picking up on missed claims for influenza, extended hours, childhood immunisations and review of practice costs.

We're particularly expert in interpreting the rules of VAT as they apply to medical professionals, including the complicated partial exemption calculations required for dispensing practices.

Our dedicated healthcare accountants work under the umbrella of a specialist subsidiary, FK Medical, and we are a full member of the Association of Independent Specialist Medical Accountants (AISMA) – a network of more than 70 independent firms across the UK which operate primarily or substantially as accountants for medical practitioners (click here to find out more about AISMA). To view AISMA Doctor Newsline special issues and guides click here.

How we work with GPs

Our approach to delivering medical accounting services echoes the approach doctors take with their patients.

That means taking the time to get to know how your practice operates and the particular financial issues faced by your doctors and any other medical professionals you employ or work with.

We then apply healthcare accounting best practice to solve problems with your finances and keep you compliant with HMRC.

IR35 in the public sector

Our medical accounting service includes determining employment status to navigate GP practices through the complex nature of IR35, which aims to tackle tax avoidance by workers who supply services to clients through a limited company.

Before April 2017, locum doctors were responsible for assessing whether or not they fell within IR35. GP practices are accountable for this today.

As specialist medical accountants, we are perfectly placed to advice on the employment status of locum doctors.

Doctors' pensions

Doctors, as high net-worth individuals, may have their annual pensions allowance tapered if their adjusted income exceeds £150,000 a year.

For every £2 of adjusted income above £150,000, the amount doctors can save into their pension each year reduces by £1.

The taper can reduce your annual pensions allowance to £10,000 a year if your adjusted income is above £210,000 a year, with tax in place above this amount.

With this topic being the subject of speculation over policy change, having medical accountants on your side can guide you on the way.

Medical accounting services

  • Annual accounts that serve as a management tool for the financial control of the practice
  • Partnership tax computation and tax returns
  • Tax planning for the practice and individual GPs to minimise tax liability and boost income
  • VAT returns and VAT planning
  • Preparation of superannuation certificates and pensions forecasts
  • Private fee statements
  • Drawings calculations
  • Financial performance benchmarking, against other local practices and at a national level
  • Pensions planning doctors

We can also advise on:

  • Bidding for new contracts
  • Surgery premises including cost and notional rent
  • Practice capital and re-financing
  • Partnership changes and agreements

Find out what we can do for you

Give us a call on 01582 540800 and speak with a member of our specialist Medical team or fill in our contact form to book a free appointment.

Contact us