As members of the Association of Independent Specialist Medical Accountants (AISMA) the continuous training of our partners and staff ensures that we keep abreast of the rapidly changing circumstances within the NHS which, combined with many years of experience looking after GP finances, enables us to give expert financial and business advice.
We can assist with:
- Advice on cloud accounting software (including Xero) to provide reliable and timely financial information to monitor Practice performance and cash flow.
- Detailed annual accounts, including statistics to benchmark Practice performance and identify opportunities to improve profitability, for presentation and discussion at annual meetings.
- Period end management accounts to monitor financial performance throughout the year and identify variances against budgets.
- Bookkeeping and payroll support.
- Preparation of profit projections and budgets, advising on partners recommended monthly drawings.
- VAT reporting including annual partial exemption calculations (dispensing practices).
- Superannuation – preparation of estimates of pensionable profits and annual superannuation certificates, as well as dealing with PCSE in respect of any issues arising to ensure a GP’s NHS pension records are correct and up to date.
- GP partner personal finances, tax and pension – including review of annual allowance charges, linking in where required with our specialist IFAs who have in-depth knowledge of the NHS Pension Scheme and can provide guidance on tax and pension planning.
- The financial aspects of partnership changes including buy-outs and buy-ins, raising finance and liaising with solicitors to ensure all legal aspects are covered.
- Review of Partnership Deed and guidance in relation to the financial aspects.
- Preparation of PCN annual financial statements
- Guiding your salaried GPs through the completion of their annual type 2 superannuation certificates, thus helping the Practice to ensure their correct employee and employer contributions are collected by PCSE.