Run Your Medical Practice Profitably and Take the Stress Out Of Managing Your Finances

Managing your practice’s finances with unpredictable NHS contracts and fluctuating income streams can be challenging, but it doesn’t have to be. With over 30 years’ experience in the medical sector we understand the challenges you face and know how to take the stress out of your finances.

Your dedicated accountant is experienced in the medical sector and will help you to:

  • Grow your practice by identifying potential growth areas and new income streams.
  • Keep up to date and compliant by proactively giving you deadline reminders and keeping you one step ahead.
  • Understand your tax liabilities and work out the most cost effective way to pay them (both private and practice)
  • Avoid cash flow issues by planning and managing your capital accounts

At Mapus-Smith & Lemmon we understand that your practice is unique. That’s why you get a dedicated accountant who will get to know you, your partners and your practice personally, so they can create an accounting solution that will work best for you. Our clear, transparent pricing allows you to budget for your accountancy costs and make sure you get the help and support you need without any surprise bills at the end of the year.

Whether you’re a well-established surgery or a new one, having a great accountant is essential if you want to succeed and be profitable. Your dedicated accountant will work proactively with you to avoid problems, identify growth areas, be on hand to answer your questions and offer you advice when you need it.

Call us today to find out more about our specialised medical practice accountancy service.

What our Happy clients Think of us

Frequently asked questions

FAQs

Should my healthcare practice be registered for VAT?

Comspulory VAT registration may apply but this depends largely upon your sources of income and the services you provide. We can provide an in depth review if you are concerned about your status.

My practice is registered for VAT but I do not understand partial exemption

Partial exemption applies where you provide exempt and standard rated services. Put simply the partial exemption rules require an apportionment to be made, based upon different income streams, and then input VAT recovery to be restricted based upon this apportionment. We can provide you with assistance by experienced staff who deal with this calculations every day.

What should my capital account balance be?

The total capital account balances of any practice combined provide the working capital, lifeblood of the business. Working capital requirement can vary between businesses depending upon income streams and cash requirements.

Should commercial property, including my healthcare practice, be owned by the practice and included in the practice accounts?

This depends upon whether all of the business partners have invested in the property, borrowing requirements, profit allocation etc. There is no wrong or right answer and is individual to all businesses, we can help you decide, as we have many years of experience in this particular area.

I have personal income as well as partnership income how is this taxed?

When calculating your personal tax all of your income, from whatever source, is “pooled” into one pot and an overall tax liability is arrived at. It is sometimes necessary to extract tax on private sources in order for businesses to pay the appropriate amount. These calculations can be complicated.

I have received a Pension Annual Allowance Certificate – what is it and what should I do with it.

This certificate, issued by NHS pensions, shows the level of pension contribution made by an indiviuald in terms of pension growth (& not actual amounts paid). Over recent years the number of GP’s receiving these certificates has been low. It is very important that if you receive such a form to send it to us. If the pension growth exceeds pension contribution levels then tax relief will be restricted and additional tax will arise.

Latest News & Updates

The latest news and expert advice from Mapus-Smith & Lemmon chartered accountants

Our offices

King's Lynn

48 King Street, King's Lynn,
Norfolk PE30 1HE

  01553 774761

  advice@mapus.co.uk

Monday to Friday 8.45am to 5pm

  Click here to view map of our King's Lynn office

Downham Market

23 London Road, Downham Market,
Norfolk PE38 9BJ

  01366 383300

  advicedm@mapus.co.uk

Monday to Friday 8.45am to 5pm

  Click here to view map of our Downham Market office

Wisbech

30 Old Market, Wisbech
Cambridgeshire PE13 1NB

  01945 427050

  advwisb@mapus.co.uk

Monday to Friday 8.45am to 5pm

  Click here to view map of our Wisbech office