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
Dental Practice Accountants
Specialist support for practice owners, associate dentists and practice managers
Years of experience serving as Dental Practice Accountants in the South West allows us to deliver a first class accounting, taxation and financial service.
Our specialist dental practice accountants team includes Nick Hancock, a member of the National Association of Specialist Dental Accountants and Lawyers (NASDAL). This means we speak your language, fully understand dental industry trends, and are aware of the newest guidelines and the realities of running a busy and successful practice.
Sharing your desire for success
We really have gained our reputation by lending a critical ear and providing practical advice. As a result, we have helped dozens of dental professionals to protect and grow their wealth, meet compliance obligations and mitigate personal and business tax liabilities. Topics that we regularly offer guidance on include:
- Sole trader, partnership, joint expense arrangement, limited company or limited liability partnership, what’s best? Each offers different features. We can advise you on the most appropriate structure for your situation and should you wish to change entity we can review the logistical and financial pros and cons.
- National comparisons with practice peers. Using NASDAL statistics and our specialist knowledge as dental practice accountants we can benchmark your financial efficiency and performance with dentists nationwide. This will highlight operational areas for improvement.
- How and when to expand a practice. You may add to your services or expand organically. If cashflow is a concern, we can review and assist with financing arrangements. For acquisitions or sales, our corporate finance specialists can help with valuations, due diligence and more.
- Cost efficiency of outsourcing payroll. Our specialist payroll team can prepare payslips, calculate and submit compliant and timely PAYE and annual returns to HMRC, which can save you money and the burden. If you prefer to handle the upkeep we will happily select, advise on installations and provide training. We can do the same for financial record keeping systems too.
- Preparing associate dentists for buying into a practice. As well as looking after accounts and preparing timely and accurate HMRC self-assessment submissions, we frequently support associate dentists who are considering becoming a partner or buying into an established practice. Being experts in the dental sector, we know the right questions to ask, can carry out due diligence and review financial forecasts and potential return on your investment.
New timetable for Making Tax Digital
Off-payroll working guidance revised for NHS agency staff
Maximising dentists tax free income
Pensions for Dentists
Price of Dental Practices softens
Dental Practice Profitability. A kick in the teeth?
Off Payroll working for public sector staff
Cash Basis- Is it worth a look?
VAT FLAT RATE SCHEME – LIMITED COST TRADER
Benefits in kind – Making Good
Meet our experts...
We have a great team of qualified and tallented people over our 8 offices.
Meet our agiculture specialists below. View our whole team section to meet the whole Albert Goodman range of experts.
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