Doctors' Surgery Accounts
Doctors' Surgery Accounts & Tax
RDP has specialist skills in the provision of taxation and accounting support for doctor's practices. We are committed to developing good working relationships with practice managers and senior partners to ensure that we provide a service that adds value to the practice.
The accounting and taxation principles for doctors' surgeries are quite similar to any other professional trade, but there are some key areas which are specific to surgery accounts.
Superannuation
We can complete superannuation certificates and estimated net profit forms on behalf of the partners and deal with any issues arising.
Joiners and Leavers
There may be partners joining or leaving the practice part way through the financial year and this can cause accounting issues. We can prepare interim accounts and calculate a buy in figure for partners joining the partnership.
PCT Claims & Disputes
RDP would deal with all aspects of PCT claims and disputes. This would also include reconciling the costs reimbursed for trainee doctors to ensure the correct amount has been received. We would also check that the correct amounts have been reimbursed for other items (such as water rates etc) to ensure that the surgery is not losing any revenue.
Income streams
We keep up to date with details of the various NHS income streams (core funding, QOF, enhanced services and additional payments) and how these payments are structured. Therefore we can check that the surgery has received the correct amount of income for each of these areas. If we discover that the surgery has been underpaid we will liaise with the PCT to recover the underpaid amount.
VAT
If the practice has a dispensary then they will be partially exempt for VAT. RDP will be able to provide full support in this area of partial exemption.
Partners' Current & Capital Accounts
It is important that a practice controls current and capital accounts. RDP can advise on the suitable level of drawings that takes into account, amongst other things, Superannuation contributions that the practice makes on behalf of the partner.
NHS Grants
Grants are sometimes received from the NHS to be spent on capital items. This may be for the full cost or just a partial contribution. RDP will understand the treatment of these grants from an accounting and tax perspective.
Analysis and review
As part of our service we review and analyse the accounts once they are complete in order to identify any areas with potential for cost savings or maximising revenue.
We have access to a legal expert with specialist knowledge of the medical profession who can advise on legal matters such as partnership agreements and NHS contracts. We can also arrange financial planning advice if required.
For a free of charge and no obligation consultation, please call us.
Next Step:
Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.
