We understand that running a successful medical practice is highly demanding; not only do you need first class medical knowledge but also the skills of managing a modern profitable business.

With ever changing tax legislation, pension schemes and changes in the NHS structure, including PMS and GMS contracts, the medical profession is one of the most complex in terms of accountancy. Medical practices need to be run as a business yet satisfy NHS structures. It is therefore vital to consult a specialist medical accountant with in-depth knowledge of the sector.

Bishop Fleming’s specialist medical accountants advise over 100 sole practitioners, partners, consultants, employed GPs and locums. Whether you are a general practice requiring accounting services, a doctor requiring personal tax advice including the increased risks of pension tax charges or a practice manager with a specific VAT issue, our expert healthcare team can provide advice on the full range of services unique to your sector.

Our team advise a growing number of practice owners on maximising the profitability and value of their business, as well as assisting those who want to grow or are looking at succession issues.

As part of our commitment to the profession, our team of experts attend specialist doctor training courses to keep up to date with the latest developments.

As members of Kreston International (one of the largest worldwide networks of independent accounting firms) the Kreston UK Healthcare Group which has over 150 GP practices is a valuable forum to share its experiences and promote best practice to GP clients. The medical and healthcare group met at the UK members conference in March to discuss the sector and the results of their medical services benchmarking. Bishop Fleming clients participated and we have access to the full report for use when advising our GP clients.

The healthcare team are also members of the Institute of Chartered Accountants in England and Wales (ICAEW) Healthcare Group. This is also a valuable forum to share experiences and provides access to benchmarking information for over 750 GP practices and keep up to date with latest developments.

 
 

Our specialist Doctors Team

 
 

Pensions and Superannuation

Bishop Fleming provides a comprehensive service on pension and superannuation issues. There have been significant changes to pension rules in the last ten years including a high risk of pension tax charges which had not previously been a concern. This has resulted in a growing need for specialist advice. Working in tandem with our in house independent financial advisers, we are pro active ensuring issues are identified early and informed decisions made.

Pension areas on which we advise, include:

  • Annual certificates of pensionable pay for type 1 and type 2 GP practitioners
  • Annual estimates of pensionable pay
  • Locum GP obligations
  • Pension annual allowance calculations and providing estimates for future years based on profit forecasts to identify and plan against unwanted annual allowance tax charges
  • Monitoring the pension lifetime allowance and providing estimates for future years and again identifying and planning against unwanted tax charges when drawing your pension
  • Ensure pension deadlines are met and appropriate declarations made in tax returns on a timely basis
  • Impact of the 2015 NHS scheme
  • Interaction of personal pension policies with the NHS pension scheme
  • Combining pension planning with overall retirement strategy.

Issues affecting Doctors

In general practice

Bishop Fleming’s Healthcare team are among the most knowledgeable advisers on accounting, finance, taxation, practice management and pension issues affecting doctors today.

Our experts attend regular specialist training courseswhich means we are always abreast of the constant changes faced by the medical profession. We provide a reliable source of information and advice on the impact of any new legislation and policies made.

With our benchmarking exercise, we can quickly identify areas to improve performance or renegotiate prices for services. Exchanging this knowledge and financial intelligence will give you the tools you need to become a well managed and more profitable practice.

We are familiar with the highly specialist nature of GP contracts. A lack of this expert knowledge can often lead to errors and omissions in the accounts leading to serious knock-on consequences for tax and superannuation positions.
Independent medical practice

In the healthcare sector, independent medical practice takes many different forms.From practitioners completing a few insurance medicals and cremation fees to full private practice, there is no standard model for independent practitioners, with many performing both NHS and private work.

At Bishop Fleming we follow the ever changing healthcare provision with a keen and expert eye. Currently following with interest the ever-evolving NHS, permitting any suitably qualified willing provider to engage in medical services provision with GP consortia.

These factors and many others mean independent practice will become a much more competitive area and our specialist financial knowledge of the healthcare sector means we are well placed to keep you one step ahead of the field.

Useful Links

Doctors.Net
An award-winning medical network, created by doctors for doctors.

The General Medical Council (GMC)
The GMC have strong and effective legal powers designed to maintain the standards the public have a right to expect of doctors.

The British Medical Association
A professional association of doctors, representing their interests and providing services for its 128,000 members.

Care Quality Commission
The CQC inspect and report on care services and councils. They are independent but set up by Government to improve social care and stamp out bad practice.

The Royal Society of Medicine
Each year the RSM organises more than 400 conferences, courses and meetings on a range of medical and health matters and is the largest provider of continuing medical education in the UK.

Department of Health
Providing health and social care policy, guidance and publications for NHS and social care professionals.

NHS Business Services Authority
A Special Health Authority and an Arms Length Body of the Department of Health which provides a range of critical central services to NHS organisations, NHS contractors, patients and the public.

 

Doctors News

 

“Mexican standoff” over locum pay

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NHS watchdogs have backed down in a row with locum doctors, performing a u-turn over new tax rules. The NHS, like other public bodies, is having to grapple with new rules introduced from 6 April […]

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Tax changes dropped ahead of the general election

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Major tax changes that were announced in the Spring Budget have been dropped by the government, due to a lack of time to pass them into law ahead of the 8 June General Election. With […]

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