SERVICES TO DOCTORS IN GENERAL PRACTICE: MEETING YOUR NEEDS
GMS and PMS Practices
We act for both GMS and PMS practices and each year prepare a report in conjunction with the annual accounts highlighting the points to be discussed at a meeting with the partners. We are able to compare the results of the practice with our other GP clients, which enables any areas of under performance to be identified.
Dispensing Practices and VAT
From 1 April 2006 dispensing practices have been required to register for VAT in order to recover the VAT incurred on the purchase of drugs for dispensing. Subsequently on 1 May 207 certain services offered by GP's became standard rated for VAT. We can assist in explaining the requirements of the VAT legislation, maximizing the recovery of VAT and setting up your accountancy software to cope with the preparation of VAT returns.
Superannuation Certificates
We can assist with the preparation of the superannuation certificate that each GP in the NHS Pension Scheme is required to submit to the PCT each year. This certificate is important as it determines the pensionable pay for the year and thus impacts on the eventual pension that will be received.
Other services
Dealing with partnerships on a regular basis we have experience in advising on
- Tax provision policies
- Partnership agreements
- Loan restructuring
- Drawings levels
- Working capital requirements
- Planning for new partners
- Retirement planning
- Partnership disputes
- Superannuation provisions
Personal taxation
We are used to dealing with the specific factors affecting the tax liabilities of doctors including pooled salaries, deferment of National Insurance, professional expense claims, superannuation and capital gains tax on disposal of property interests. When preparing draft accounts we provide an estimate of tax liabilities arising for up to two years ahead to give partners time to set aside funds for tax.
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