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Doctor

We have acted for doctor clients for many years, both advising locums and doctors in practice in partnership.

Our areas of expertise include the following:

Accounts

Do you really know how well you are doing? You may have done better this year than last year, but how do you compare with other practices?

We provide a comprehensive set of annual accounts detailing your practice’s performance, breaking down income and providing a full analysis of your overhead expenditure. We meet with you to discuss these accounts to help you in reaching conclusions about ways to improve in the future.

Finance

Have you considered obtaining or restructuring finance for the practice / partners. You may be paying more than you need to in bank charges and interest. We can introduce you to alternative lenders. Through careful planning it may be possible for you to get tax relief on your borrowings, where you have not previously done so. We have done this many times before.

Premises

If you are considering new premises, have you looked at all the financing options? There are specialist lenders with a particular interest in doctors, and Local Improvement Finance Trust (LIFT) funding is potentially available.

If you are receiving cost rent, you should consider switching to notional rent. This invariably results in increased income to the practice.

Financial planning

Do you plan for future tax payments? We will calculate these and advise you well in advance of the payment dates, to help you plan the practice’s cashflow. In some cases, our clients prefer that we make provision for future tax liabilities in their accounts, reflected in partners’ drawings. This helps them monitor drawings and avoid partners drawing excessive amounts, not leaving enough to cover their tax payments.

Taking financial planning a step further, we can assist you in establishing a structure for partners’ capital and current accounts, determining appropriate amounts for partners to leave in the practice as capital and establishing what is available for them to draw out on a monthly basis. A clear policy on partners’ drawings greatly assists in managing cashflow.

Maintenance of accounting records

For you to grow, management information must be timely and of the highest quality. We can assist you in establishing / tailoring your system so that this information is readily available in the appropriate format for you.

Partnership agreements

We can assist you in drafting partnership agreements, with partnership negotiations and in dispute resolution. You may have issues with the ongoing running of the practice, or perhaps succession planning for new partners or retiring partners, including the structuring of a deal. We can assist you in all these areas.

National Insurance

Where you have more than one source of income, you may defer payment of national insurance to avoid overpaying overall

Limited company?

Have you considered establishing a limited company for your non-NHS income? This may be beneficial for tax purposes compared with receiving the income personally. Click here for more information.


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