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The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us. More importantly they are always helpful and polite to answer even the dumbest of questions! BW Medical Accountants have a good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS. We have been very impressed by the way BW Medical continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice. In addition to summarizing the financial position of the practice and all the individual partners on the last day of the accounting year, the practice accounts can also be used for the purposes below.

This means that clients get access to a whole host of benefits, including 25% discounts on Xero subscriptions. In addition, as experts in Xero, Tax Agility can help make your doctor’s practice, health clinic or other medical practice transition to cloud accounting as https://www.projectpractical.com/accounting-in-retail-inventory-management-primary-considerations/ smooth and problem-free. Clients of accountants generally do so by subscribing to a compatible cloud accounting software package through their existing accountants. We dedicate a team of Specialist Medical Accountants to Federations and private healthcare providers.

Yes, We Are Chartered!

The shareholding of the individual shareholders is quite important if the Company is going to give you the structure that you require and maybe the tax benefits you desire. For this reason, I would always recommend you speak to a solicitor or accountant. A bank is unlikely to lend money to a small limited company without asking for a personal guarantee from the directors or the owners, and many suppliers will also ask for a guarantee too.

Faye Armstrong and Rick Kay both have a friendly approachable attitude and never make you feel silly- even when you ask questions that you should probably know the answer to! I would highly recommend Dodd and Co as a fabulous medical accountant. Professional dues – subscription fees to medical associations or societies that provide representation to medical professionals and help to protect their patient’s interests. Some of the main groups operating in the UK include the Royal College, Medical Protection Society, Medical Defence Union, British Medical Association, and General Medical Council.

Salaried GPs

Specialist advice, therefore, is more important than ever before, too. At Hall Livesey Brown, we understand that running a successful medical practice construction bookkeeping today is highly demanding. Not only do you require first-class medical knowledge; you also need the skills to run a modern, profitable business.

Whatever point in its lifecycle your business is at, we can help you achieve more. We provide audit, tax and corporate finance and strategic advice as well as a range… It is therefore vital to consult a specialist medical accountant with in-depth knowledge of the sector. The ongoing COVD-19 pandemic has put increased emphasis on remote working and flexibility and cloud accounting offers an effective solution to this for bookkeepers, practice managers and practitioners. All business must abide by HMRC rules and regulations but when it comes to medical accounting, things get a little more complex. With a wealth of experience and in-depth understanding of current systems and legal obligations we can keep your accounts on track and compliant.

Our services are not just for Doctors in practice

Timely – An appointment software for clinics, salons or anyone that needs scheduling. Save time, attract clients, seamlessly sync invoices & payments with Xero. Is Asset Based Lending showing signs of recovery to pre pandemic levels?

• The balance sheet details all the assets and liabilities of the practice at the end of the financial year.
• Larking Gowen has wide experience helping clients set up GP-providing companies and federations to bid for NHS contracts.
• Only your first name will be published next to your review, never your full name or your practice name.
• It is therefore vital to consult a specialist medical accountant with in-depth knowledge of the sector.
• We can advise on becoming a GP principal, providing you with specific reviews of practice accounts.

We work closely with them to build a more efficient and profitable practice, whilst easing the pressure upon the principals. We provide pro-active advice as all of these can impact directly on the profitability of a practice together with the personal finances of the partners. To help your finances whilst you get your fledgling business off the ground, we are offering 40% off our accountancy services for 3 months. The Accountancy Partnership has supported us since startup when we relocated to the U.K. Your dedicated accountant will always be on hand to answer questions about your medical practice’s tax compliance. Partners’ capital accounts represents the money that has been invested long-term by the practice partners.