Medical Practices

Consulting on healthy business opportunities

As a GP, your concern is for the health of your patients. As specialist accountants to Medical Practices, ours is for the health of your practice.

Heading up our dedicated medical team is Keith Miller, a member of the Association of Independent Specialist Medical Accountants (AISMA). This means we are very familiar with the pressures you face as a result of Health and Social Care reforms.  In fact, we have supported a number of medical practices in recent years to identify inefficiencies, adapt their business models and maintain profitable practices.

Always looking to the future

We provide more than the financial reporting basics. Working alongside your management team, our medical experts add value by pre-empting and instigating discussions around all of the hot topics. If there are ways to reduce your tax burden on medical income or opportunities to reduce operational costs, we will uncover them.

As well as on-going management accounting and tax planning services, preparing and filing business and personal annual tax returns and superannuation certificates, our medical team can assist with:

  • Setting up your practice and providing on-going and ad-hoc support, as required. Meeting with practice managers regularly, we discuss business challenges, prepare budgets and cashflow forecasts, to ensure sufficient resources are available for projected drawings, tax liabilities, and superannuation deductions.
  • Analysing performance of your practice, using AISMA statistics to benchmark your performance against national and local practices, and where appropriate suggesting outsourced services to save you time and money. We have payroll and technology specialists that can implement systems and run on your behalf.
  • Finance and partnership arrangements, advising on everything from profit sharing agreements, to tenders and bid negotiations, debt management and financial remodelling.
  • Governance and risk management reviews, ensuring your management processes, technology and business systems stand up to scrutiny and offer real value for money
  • Evaluating pension provisions and tax efficiency of investments, including the NHS superannuation scheme and advising partners on their options within the pensions annual allowance and lifetime allowance limits.
  • Retirement strategies and estate planning, advising on ways to minimise personal and business tax liabilities when partners join or retire.

Up-to-date medical insight

Written by healthcare experts, we deliver the facts on topical tax and business issues most relevant to Medical Practices.  Click here to download recent editions of our medical newsletters and archived copies.

For the latest AISMA Newsletter click here

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