Henton & Co utilise specially trained staff that are familiar with the day to day accounting requirements of running a GP practice. They are also familiar with the commonly used accounting software packages such as SAGE, Quickbooks and Mclean Mcnicoll. Our staff also provide training to practice managers/staff to help them get the most of the packages that they use and also to help them present the accounts information to us in a complete form at the year-end.

This approach enables us to prepare GP Financial statements to a high quality with sufficient detail to allow individual practices and GPs to: -

1. monitor their performance year on year

2. compare their performance to similar sized practices

3. calculate profit share with confidence

4. check that the individual partners’ capital accounts are correctly stated

GP Practice Incorporation

A number of GP practices have now incorporated or set up new limited companies under which they trade.

Limited companies have a number of advantages over a traditional partnership arrangement

• The tax burden of a limited company is usually less than that of a partnership generating the same amount of profits. Care is required when shareholders are extracting cash or remunerating themselves from the company but Henton & Co can advise on tax efficient methods for doing this.

• Partners in a traditional partnership are personally responsible for any negligence or debts that they or their follow partners may incur. This can put personal assets at risk should the partners be sues – even if one partner had no knowledge of the other partners’ activities

• In a limited company shareholders have little or no personal liability other than the value of their initial shares

• GPs may be concerned as to how trading as a limited company impacts on their superannuation contributions/benefits. A limited company is liable to contract with a PCT for the provision of GMS or PMS services. This means that provided clearance is obtained from the NHS pension scheme and HM Revenue & Customs the Limited company can contribute on behalf of the GP. Care is required and advice should be sought on how individual GPs are remunerated from the company