Our services for Doctors

It is so tough being a doctor at the moment, compared to recent years, with attacks by the government on your contracts, your working practices, and now your pensions. At times when cash flow is getting tight, they are after more tax and more superannuation.

We are not "experts". However, we work hard to get to know top tax planning specialists in the country, including leading QCs, and so are pleased to sometimes be able to offer our clients introductions to these specialists.

 

 

Tax Planning Checklist

We also produce a free 70 Point tax reduction checklist for our clients, asking basic but important questions so that you can review your own affairs without incurring any professional fees.

Contact us now for your own free copy and just write down "Please send free tax planning checklist"

We are regularly contacted by the press and quoted about medical related matters. 

From a financial point of view, the medical profession is probably the most complex of all the professions. The growth of private medical plans and hospital trusts and the constant changes to the NHS structure mean doctors need expert and timely advice in financial matters.

We are members of AISMA (the Association of Independent Specialist Medical Accountants); members have to prove they act for at least 15 GP practices to be members. As an association, AISMA now act for about 25% of GP practices in the UK.

 

Although we are based in Eastbourne, we also act for doctors in other parts of the country and, through our AISMA membership, are able to offer benchmarked statistical comparisons to other AISMA doctors results, whether GMS, PMS, Prescribing or Non-Prescribing.

Cash Flow headaches 

As we have already said above, times are currently very tough for doctors relatively speaking. Our discussions with our clients indicate that most doctors are facing cash flow headaches, and it is causing massive concern. 

Not only is Non NHS income reducing, but also NHS income is definitely being squeezed, and now they have the uncertainty created with the new contract and the CCGs.

On top of reducing income, doctors are facing increasing superannuation contributions, and also larger tax bills where tax is often being calculated on profits from recent years that are better than profits currently being earned, and then some doctors who have sensibly saved for larger pensions are also seeing those pensions attacked "by the back door" - it seems like a pincer movement against doctors. 

We are able to help doctors plan their cash flow more effectively and have produced a cash flow forecast template that is available free of charge to our clients.

Payroll and Back Office Support Service

We offer an outsourced payroll service, and also a book-keeping service to our doctor clients, to allow them to have accurate and timely management accounts.

 Do please read about this in the "Management Accounts" section

Other Services 

Through years of service to the medical profession we have accumulated a wealth of experience in dealing with issues such as:

  • Claiming reimbursements from the NHS
  • Offering the ability to reduce tax in a variety of ways
  • Accounting for income from different sources such as hospital PAYE work, private patients, and participation on advisory panels
  • Partnership arrangements such as income sharing or joint ownership of premises
  • Advising doctors who are technically self-employed but participate in the NHS pension scheme
  • Preparation of Superannuation Certificates
  • Practice Expense Claims
  • Retirement and Inheritance Tax Planning
  • Fee Protection cover against HMRC investigations, and most importantly
  • Presenting Accounts "in English" in a way you can understand without jargon. 

 

Hospital Consultants

We have a specialist team who advise Hospital Consultants.

Should you be using a limited company for your private work, or perhaps a partnership?

Can you sell Goodwill  to the company? Will it be classed as personal goodwill?

Are you claiming all your subscriptions, and is your notice of coding correct?

Do you have benefits in kind and are you claiming your mileage and motor expenses correctly?

Have you been overpaying National Insurance contributions?

There are so many questions that you will have, and we can help you with answers. 

 

Locums and Sessional Doctors

For Doctors who are salaried or who offer their services as locums, we offer a prompt and very cost effective service with a fixed fee for your accounts, tax returns, and national insurance review.

If you wish, we can also introduce you to tax specialists who currently offer a super tax effective way for these doctors to possibly reduce their effective tax cost to below 20% - without using a limited company.

 

Our Blogs and Business News

Click on this link to read our latest blogs and catch up on the latest tax and business news - our main website is packed full of free useful tax tips and information for you to download

Call Michael Ogilvie or Clare King now on 01323-720555 for more details, and ask for our free 70 point tax planning checklist.

Tax planning and Superannuation questions

Tax planning can be simple and complicated – we do both, depending on your appetite for risk.

Pension planning

Superannuation has become very expensive. We can introduce you to the specialists who understand the NHS Superannuation Scheme.

Bookkeeping Support for Doctors

We are finding more and more doctors are asking us to support them with their bookkeeping records - we recommend you use Xero software

Budget planning, Management Accounts and Payroll Preparation

Ask us if you can use our “budgeting template” to work out what income you need to generate to cover your costs and provide the drawings the partners need to live on.

Financial systems

Every business needs solid financial systems, and a doctors practice is no different.

Team training

Your practice is only as strong as the weakest member of your team.

Partner Facilitation Away Days and Workshops

No one partner is an island working alone, but sometimes it can get to be like that - our coaching and facilitation support services works with partners to pull everyone together towards a common goal

Why not get in touch for a free Consultation Today?