With so many different people and businesses in the medical profession, we can offer bespoke support and advice to all types of healthcare professionals and businesses within the sector. For example, as specialist medical accountants, we provide the following:
Care homes, GP's and dentist's practices
For medical professionals, doctors and consultantsRequest a Call
At dns accountants, we don't believe things should be complicated. We offer a wide range of fixed fee packages to suit both your business and personal needs. These ensure that you get expert accounting, tax and general advice without any nasty surprises on cost. We can also provide a wide range of additional services and provide a fixed fee quote for these.
Our specialist medical accountants team will help you to manage your personal financial and business challenges and take advantage of opportunities.
Our outsourced accounting and bookkeeping services mean you can get on with caring for your patients. Our team will help look after the day to day running of your accounts receivable, accounts payable, tax liabilities, deadlines, payroll, drawings and pensions etc.
We support and advise thousands of people just like you across the UK and abroad
with our amazing team of experts.
Being responsible for the cashflow and money in your medical business when the investment and funding is coming from other sources is critical. Your practice will be under scrutiny and our team will be dedicated to ensuring your finances and decisions are able to withstand external scrutiny.
The simple answer is yes. Here at dns accountants, we can advise you on incorporating your GP practice. If you have a GP practice that has GMS, PMS or APMS contracts, you are able to incorporate. GP incorporations have become a more common trading models for GP practices in recent years. However, you should consider both the benefits and pitfalls before you abandon a traditional partnership model.
There are potential benefits of being incorporated including tax benefits but there may be other potential disadvantages or pitfalls you need to consider. You need to consider compliance, tax, legal and accounting pitfalls before you incorporate an NHS practice.
The benefits of incorporation for medical practices
There are a number of benefits if you incorporate your practice. These include:
Tax - You will pay less tax than a partnership or sole trader, as the corporation tax rate for limited companies is between 19-25%. However, you will need to consider other taxes as well, so it's worth talking to a specialist tax adviser.
Paying yourself - There are advantages with a limited company to pay yourself via salary and dividends that can be more tax efficient. However, over recent years the tax advantages of this have decreased a littel as the government have raised dividend tax rates. Again speak to a specialist medical accountant for advice.
Pensions - Directors of limited companies can pay money directly into pensions and these can be made prior to paying corporation tax, making them highly tax efficient. This is an opportunity to reduce your corporation tax bill for the company. However, we strongly recommend getting pension advice prior to taking any action.
Personal liability - Shareholders of a limited company have limited or no personal liability other than an obligation to pay any unpaid amounts due on their shares. In a partnership or as a sole trader you are personally liable for any debts or negligence or debts. This personal liability can put your own assets at risk when trading as a sole trader or partnership.
The disadvantages of incorporation for medical practices
A limited company must file accounts with Companies House and complete Corporation Tax returns, so there is added compliance work and cost with a limited company.
Statutory registers of shareholders, regular board meetings and filing of confirmation statements also need to be undertaken, again adding to the compliance burden of a limited company.
Some CCGs allow contracts to be awarded to limited companies, where they are owned by medical professionals, others will only contract to sole traders and partnerships.
NHS superannuation is based on salaries and dividends for each GP partner. So, you'll need to consider the effect of tax planning on these contributions and pensions overall.
Profit sharing may be harder with a limited company, than with a partnership.
A company is a separate legal entity, and so consent from NHS England is required to transfer a GMS contract from the partnership to the company.
Seek specialist medical accountants advice before making any decisions to incorporate as your practices specific circumstances will need to be considered.
Doctors’, consultants and medical finances can be complex. For example, doctors may need help with Self-Assessment tax returns, private practice income, NHS Pension tax charges, GP accounts, locum accounts and tax planning, amongst other things.
Ensuring you have the very best specialist accountants is important and someone who understands your individual requirements. If you have a current accountant but are interested in considering switching accountants, then it is easy to change accountants and dns can help with the process.
Here at dns accountants, we offer fixed priced packages and can also discuss any additional services you require and provide a fixed fee quote for additional services, so there are no nasty surprises.
Medical accountancy is different as your advisors will need to understand the nuances and regulations of the NHS. As a medical professional you want to ensure you are getting the best specialist advice, both for your company and your personal financial position.
The risks of using a generalist accountant and not a true specialist for your financeial needs is that they won't understand the complexities of doctors tax and compliance. For example, they won't understand the NHS pension scheme, tax code errors by payroll, private practice income and NHS income, superannuation, GP practice accounts
Here at dns accountants, we have a strong team of accountants and tax advisers that look after our medical clients. Our specialist accountants offer services to medical practices, doctors, dentists, consultants and healthcare professionals etc. Our specialists can help with all your accounting and taxation needs and your specific requirements. To get independent specialist medical advice or a quote call our team on 03300 886 686, or email on firstname.lastname@example.org.
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