Medical profession

In 1998 we became a member of the Association of Independent Specialist Medical Accountants (AISMA), which consists of 75 firms of Accountants representing over 9,000 GP’s in 2,400 Practices. To be a member we are required to maintain certain standards and membership is not automatic.

Brian Hensman and Samantha Haughton spend the majority of their time dealing with the Accountancy and Taxation affairs of our Healthcare Sector clients. They are supported by 5 dedicated team members who have vast experience with medical practices accounts, locum/consultants expense claims, superannuation certificates and personal/partnership tax returns. All members of our medical team regularly attend courses run by AISMA and ICAEW Healthcare Group which ensures that we are up to date with consistent changes within the Profession. We also subscribe to Medeconomics and Doctor Magazine.

We currently act for in excess of 55 medical practices and over 290 healthcare individuals, including locums, consultants, dentists and general practitioners.

Our knowledgeable dedicated team can provide a proactive service which includes :

Practice Accounts

We can prepare user friendly financial accounts in a timely manner. These will include statistical information comparing your practice results to AISMA averages and also to the other practices we act for. We will also help you identify where your practice is under-performing and offer advice on reducing costs and improving financial performance. Detailed calculations for capital account equalisations and future drawings will be provided and discussed as required.

Partners/Locums/Consultants

We aim to minimise tax liabilities by ensuring that all relevant allowable expenses are claimed when we prepare your personal expense claims.

Tax

We will prepare your Partnership or personal tax return on a timely basis.

Tax liabilities will be minimised and you will be provided with early warning of future tax liabilities. New and retiring doctors will be made aware of overlap relief issues.

Partnership Agreement

Advice can be provided in respect of all financial issues specific to your medical profession, particularly profit sharing arrangements and property ownership.

Annual Certificate of Pensionable Profits

We offer advice and prepare detailed calculations in respect of your certificate of pensionable profits which is required to be submitted to your local PCT by 28th February each year. Future liabilities will be advised in a timely fashion.

Personal Financial Planning

Whilst we an only advise you generally on personal financial issues, we can put you in touch with experts in your field to assist you as required.

Premises

We have extensive knowledge of the surgery market place and work with Chartered Surveyors to offer advice on valuation of properties, 3 yearly rental reviews etc and of course all types of ownership issues.

Dispensing Practices and VAT

We can assist with the requirements of VAT legislation and provide assistance and advice as required with your computer software and the completion of VAT Returns.

Contact us if you require experts who speak your language and provide proactive advice.