real pactice know-how
Our experts understand the bigger picture, the realities of how practices operate; how you are paid; what makes a successful doctor and how legislation can affect you. It’s a valuable amount of know-how to have on your side.
You’ll also find it an asset to your Practice to have people who you can bounce new plans and ideas off to see where you can maximise income.
We act for over 140 GP Practices and we are founder members of the UK’s Association of Independent Specialist Medical Accountants (AISMA).
Our dedicated team offers a knowledgeable, responsive and proactive service on a fixed fee basis. Services we offer include;
- Practice Accounts
We can prepare you annual accounts in detailed formats incorporating the income streams of the new GP contract for both PMS and GMS practices.
- Benchmarking Practice Performance
We will undertake an analytical review of the Practice results in comparison with the national profile of GPs. Benchmarking your accounts against national statistics can help you gauge the financial performance of your practice and identify possible areas where you can move the practice forward.
- Annual Certificates of Pensionable Profits
We can offer advice and prepare the General Medical Practitioner’s annual Certificate of Pensionable Profits.
- Partnership Agreements
We will provide advice regarding the inclusion of clauses on profit allocation, incoming and outgoing partners, property, taxation (we are the experts in this field) and other medical issues.
- Surgery Premises and Partnership Capital
We’re happy to offer advice on property capital and partnership capital charges.
- Partnership Disputes
We can offer expert, objective help regarding any difficult areas arising in partnership disputes.
- Tax Planning
Medical tax is a unique field and we offer advice on planning to minimise liabilities, early warning of ‘tax time bombs’ and overlap relief issues for new and retiring partners.
- Locum Cover
Choosing the right provider and right contract for this type of cover will prevent expensive consequences. We can help you answer questions such as ‘What level of cost is appropriate?’, ‘Are internal locums acceptable?’ and ‘Is PCT Locum reimbursement available?’
- Premises
Using our knowledge of the surgeries marketplace, we will work with chartered surveyors to offer advice on the value of buildings. We also have strong links with appropriate bodies where funding may be needed.
- Personal Financial Planning
Our range of expertise means we can look at your needs as a Partner in Practice and as an individual. Indeed we can offer objective advice on everything from income protection and critical illness cover to investment management and inheritance tax planning.
- Education and Information
We can attend Practice Management Meetings and will help you keep your finger on the pulse of what is happening in the Medical world. We publish all AISMA technical publications (including the annual survey into GP’s accounts and local statistics by Strategic Health Authority). We also publish the Medical Practitioners’ Financial Handbook.
- IT Consultancy
We offer access to IT Consultants through our sister company, Act Accounting Solutions Ltd. They will ensure that you receive your accounting and business information in the most efficient way possible. For example, if you’re looking to change your accounting system, we can guide you through this process and train you to use the new system.
