Healthcare
Medical Accounting & Tax Compliance
Specialist accounting and tax planning to help GP practices and medical professionals manage complex NHS income streams and maintain full compliance.
Demystifying medical finance
Healthcare accounting is fundamentally different from standard commercial accounting. A GP practice is a complex ecosystem of diverse income streams, from Global Sum and Quality and Outcomes Framework (QOF) payments to Primary Care Network (PCN) funding and enhanced services. Standard accountants often struggle to interpret these nuances, leaving partners confused about their true financial position.
At Armstrong Watson, our specialist medical accountants translate complex data into clear, actionable financial intelligence. We believe that you should never be surprised by a tax bill or a drop in your monthly drawings. We sit down with GP partners and practice managers to ensure your accounts are not just compliant, but completely understood by the people running the practice.
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Contact the teamGP Partnership Tax and Drawings
For a GP practice with thousands of patients and multiple partners, managing cash flow and partner drawings is a delicate balancing act.
Predictive Drawings Projections
We provide dynamic forecasting that accounts for fluctuating locum costs, superannuation deductions, and seasonal pressures, ensuring partners draw a sustainable income without starving the practice of working capital.
Partnership Tax Returns
We manage the complexities of partnership tax, ensuring all allowable expenses are claimed. We meticulously track capital accounts and current accounts, ensuring complete transparency regarding what each partner owns and owes.
Property Ownership
Whether your surgery is leased or owned by the partners, we advise on the tax implications of property holding, including notional rent reimbursements and Capital Gains Tax (CGT) planning for retiring property-owning partners.
Tax structuring for secondary care consultants
For NHS Consultants undertaking private work, the transition from PAYE employee to business owner presents significant tax challenges. How you structure your private practice has profound implications for your take-home pay and your exposure to liability.
- Sole trader vs. limited company: We provide bespoke financial modelling to determine the most tax-efficient vehicle for your private income. While incorporation (forming a Limited Company) often provides Corporation Tax advantages and flexibility for dividend extraction, it is not a "one size fits all" solution. We assess your NHS salary, pension contributions, and lifestyle needs to recommend the optimal structure.
- Expense optimisation: We ensure you are legitimately claiming all costs associated with your private practice, from medical indemnity insurance and professional subscriptions to consulting room fees and administrative support.
Cloud accounting & digital transformation
The days of manual spreadsheets in healthcare are ending. We assist practices and private consultants in migrating to robust cloud accounting platforms like Xero. This digital transformation allows for real-time tracking of practice profitability, automated invoice chasing for private billing, and seamless integration with practice management software, TCS.
Frequently asked questions
Expert financial guidance to help medical professionals manage partnership transitions, pension complexities, and tax-efficient practice structures.
Partner changes require careful tax planning. We calculate the necessary adjustments to working capital, advise on the tax implications of buying into the partnership (or surgery property), and ensure the new partner is registered correctly for Self Assessment.
Usually, personal NHS pension contributions cannot be paid by your limited company. However, we can advise on tax-efficient employer contributions to private pension schemes directly from your limited company to reduce Corporation Tax.
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