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Two young doctors using a tablet computer.Medical and Healthcare Accounting

Pain-Free Medical Accounting

As a specialist medical and healthcare accountant, Chartered Online Accountant provides accounting, tax and advisory services to GPs, hospital and private sector consultants and a variety of other medical and healthcare professionals and companies from physiotherapists to medical device companies.

With the constant and wide-ranging reforms of the National Health Service along with HMRC's renewed focus on doctors and other medical and healthcare professionals means that it is more important than ever to be advised and supported by an accountant who who understands the sector, for example:

Salaried GPs

For salaried GPs there are strict rules on personal expenses which are not as generous as those for self-employed GP Principals. The penalties are severe for inaccurate returns. However, recently appointed GPs are often entitled to a significant rebate on subscriptions and memberships to professional associations. Other considerations to minimise tax include course fees, charitable donations, medical equipment, early years' expenses, tax codes and more.

Consultants

Consultants earning in excess of £150,000 p.a. often pay income tax at 50% and NICs at 2%, totalling 52%, but there are ways to split the income resulting in tax being paid at 40% or even 20%. NICs can be deferred saving up to £2,500 p.a. Other considerations to minimise tax include the type of trading style, NICs review, personal expenses and more.

Locums

Locums can suffer income tax at 40%, superannuation contributions at 7.5% and NICs at 8% totalling 55.5%. Choosing the most appropriate trading style from sole trader, partnership, limited liability partnership and limited company can result in significant benefits such as income tax at 20% instead of 40%, and reduced NICs. Other considerations to minimise tax include personal expenses, tax codes and more.

Medical Practice

Medical practice needs vary from just the practice work to including the partners' personal work too. Other factors include practice size and the quality of the bookkeeping. Services can be divided as follows:

Recurrent Annual

  • Preparing the annual account
  • Calculating the profit allocation
  • Preparing the Partnership Income Tax Return
  • Advising partners in advance of taxation payments
  • Preparing the Partners' annual Superannuation Certificates
  • Attending a practice meeting with the annual accounts
  • Unlimited telephone and email support

Non-recurrent

  • Property Acquisition
  • VAT planning
  • Inheritance Tax planning
  • Accountancy software training
  • Budget and cash flow planning
  • Capital Gains Tax planning

Chartered Online Accountant ensures that you receive the right financial advice so that medical and HCPs are secure in the knowledge that they are meeting their statutory obligations while paying the minimum amount of tax. We take the pain out of accounting and help free up your time for doing what you do best - working with patients.

For more detail check-out our services:

- Accounting & Bookkeeping
- Tax & VAT
- Business Start-Up
- Company Administration
- Business Review & Development

Contact us today on 020-8133-9876, email tomtrainer@charteredonlineaccountant.com or use the form on this page, above, for further advice about our services or to arrange a free consultation and a fixed-fee quote.

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Online / Cloud Accounting

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