Acting for Doctors
The financial affairs of general medical practitioners are complex and are, therefore, best dealt with by professionals who are familiar with doctors’ finances. Here at Peter Howard & Co we have over twenty five years’ experience of acting for doctors and have a thorough understanding of all financial aspects of acting for GP practices.
The medical accounts team is led by Partner Simon Foreman with key team member Andrew Spence MAAT who has over 25 years as a medical accounting specialist. Formerly with PKF, Andrew has worked exclusively with the growing number of Peter Howard & Co's doctor and medical practice clients since joining the firm in 2008.
In addition to the normal taxation work we can offer the following services:
We are fully conversant with the various income streams earned by GPs and the special problems encountered with partnership accounts (such as complicated profit sharing agreements). We can provide partnership accounts in a doctors’ format with a full analysis of income, expenses and capital accounts.
We are able to prepare the annual certificates of superannuable profits on behalf of our medical clients including forms for salaried GPs, as well as partners. We also prepare forecasts of future liabilities to assist practices in making accurate payments on account.
We are fully conversant with the usual accounts packages such as Sage and Iris GP accounts (formerly Maclean McNicoll) and can offer training in the use of these packages.
We act for a substantial number of local practices and each year produce our own comparisons (on an anonymous basis) for each individual practice against an average benchmark.
NHS Pension Scheme Advice
Through Peter Howard Financial Services Limited, a fully qualified Chartered Financial Planner can offer advice on the NHS Pension Scheme specifically dealing with such issues as when to retire and avoidance of unnecessary tax charges.
Many GPs have substantial income earned outside the practice and in some circumstances it can be beneficial to form a limited company. We can offer advice on when this will be beneficial for you and lead you step by step through the process.
Drawings and Equalisation of Capital Accounts
Practice capital is provided in profit and property sharing ratios. Capital accounts can easily get out of line by inappropriate levels of drawings. We can help you predict the correct level by forecasting tax and superannuation liabilities and giving you monthly drawings figures that will correct any inequalities.
Finance Matters for Doctors
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