Healthcare

The world of general practice continues to be challenging. Costs continue to rise and the regulatory burden is becoming more onerous. We help our clients understand what will make the most impact on their finances and compare how they are doing by benchmarking against other practices. We offer a wide range of dedicated financial core services for healthcare professionals.

Our consultant clients value advice on timely preparation of accounts and tax returns for healthcare consultants. We proactively advise on mitigating tax liabilities while minimising risk of exposure to tax enquiries.

With clients ranging from NHS contract holders to private practices, we provide dependable advice to ensure they retain as high a proportion of their income as possible. Working with our Healthcare Financial Planning team will help you grow your wealth and plan for the future.

Care homes face increasing regulatory restrictions and operate in competitive times. We offer advice and assistance to help maximise revenue and minimise tax.

From traditional high street locations to modern health centres, common to all is a competitive environment and regulatory burdens. Our financial advisory services for healthcare are aimed at helping our clients improve their business and mitigate their tax.

Our core services provide you with everything you need to remain compliant with HMRC requirements while providing analysis, projections and benchmarking, so that you get the most out of your financial planning.

Our expert tax team brings together experienced professionals whose aim is to minimise tax liabilities. They will help you understand your personal circumstances and objectives to advise on appropriate strategies to mitigate tax consequences.

Returns

• Partnership and personal taxation.
• Preparation of tax returns.
• Mitigating annual liabilities for income and capital taxes.
• Providing advance notice of when liabilities fall due.

Planning & Consultancy

• Innovative and strategic planning.
• Change of year end / utilisation of overlap relief.
• Inheritance tax reviews and planning.

VAT

• Preparation of VAT returns and specialist VAT advice.

Payroll

• Our Payroll Bureau provides accurate calculations of pay after all deductions, comprehensive Real Time compliance and preparation for Auto Enrolment.

Research & Development Tax Credits

• We work with you to truly understand your projects and maximise any claim made.
• Just one technical interview and we can do the rest on your behalf

Our expert Healthcare team offer effective and efficient solutions when our clients turn to us for advice. We provide the following advisory services for the healthcare sector:

Incorporation

We advise clients on potential corporation structures to mitigate risk, enhance opportunities and reduce tax liabilities.

Partnership Agreements

Advising on the legal, commercial and tax content of partnership agreements to ensure they cover appropriate profit allocation, succession and day to day management. We also assist with dispute resolution.

Partnership Premises

Issues surrounding ownership or relocation can be complex. When relocating we advise how the property should be owned, funded and steps needed to maximise tax reliefs.

PMS/ New GMS Contract Reviews

We quantify the effect of making a transfer from PMS to GMS (or vice versa) and advise our PMS practices what is happening with GMS and what they should be claiming from their local area team.

APMS / Tendering

Drawing up financial documents required to support a tender and critically reviewing financial plans and assumptions to assess their viability. We also advise on the requirements to join the NHS superannuation scheme.

“Local Area Team” Disputes

With over 20 years’ experience and knowledge of the old “Red Book” and the “New Contract” we help our clients confront unreasonable or incorrect demands from the local area team.

Partnership Mergers / Splits

We assess the financial effect of a merger or demerger. The pitfalls of a merger or split are explained in terms of the effect on tax, business profits and superannuation.

Our accounts production service is essential to the best performance of you business and offers more than just regulatory compliance. Our team provide financial statements with the detail you need to make the right decisions and provide accurate appropriations of your assets and liabilities.

• Accounts prepared on a timely basis detailing income streams from GMS, PMS and APMS contracts and analysis of expenditure to allow agreed appropriations of profit
• Appraisal of practice finance and benchmarking, measuring you against national averages and highlighting areas to target for improvement
• Drawings projections
• Completion of Annual Certificates of Pensionable Profits; estimates of future liabilities; preparation of tax and superannuation estimates with accounts so that practices can plan for payments
• Advice and explanations of capital/current accounts
• Advice on all aspects of GP finance including premises reimbursements; personal medical services and extra income generation
• Training, support and advice to practice managers regarding bookkeeping, systems and best practice along with software implementation

We understand that working within healthcare industry, running a medical practice, dental practice or health centre can be busy and demanding. As a Platinum Partner for Xero, we have an expert digital projects team on hand, who can support your move to Xero.

With Xero, you can free up time so you can focus more on your patients. Xero can transform your healthcare business by enabling you to:

• Keep track of your income such as drug reimbursements with Xero live reporting
• Automated bank feeds into Xero will reduce the need to check your bank transactions and make reconciliation easier, saving you precious time.
• Xero provides unlimited cloud storage, meaning there is no longer a need to keep unnecessary paperwork. Go paperless and free up space in your surgery.
• Xero makes the year-end process so simple. All the information you need, for your year-end, will be stored within Xero.
• Track working hours, approve staff holidays, and make paying your staff even easier with online payroll in Xero.
• Manage your workload at work, home or on the go with a suite of mobile apps
• Sync Xero with third-party healthcare apps for appointment scheduling, practice management and more.
• Xero also allows you the ability to give access to your accountant, enabling real time support, when you need it the most.