What Is a Medical Accountant?
A medical accountant analyses financial information for people who are in the medical profession, they prepare financial reports to determine and maintain a record of assets, liabilities, profit and loss of other finances.
Medical accountants take care of those who are:
- Dispensing practices
- Locum and hospital doctors
- GPs (both GMS & PMS practices)
- PCGs and PCTs
When Would You Need a Medical Accountant?
Being in the medical industry can be extremely time consuming, which leads to medical professionals failing to realise that they need to be taking out the time to keep an eye on their personal finances.
Whether you are a GP Practice/NHS, a salaried GP, a consultant or even a dentist an accountant could be more beneficial than you think. Things such as investigations or penalties from HM Revenue & Customs (HMRC), items that haven’t been declared for a number of years that should have been disclosed to the relevant authorities or paying more tax than you need to can all lead to medical professionals needing an accountant.
What A Medical Accountant Can Do for You
A medical accountant offers a wide range of services which help you keep on top of your finances, they are able to inspect and look at your financial state in an in depth way in order for you to be able to make the most of your money as well as staying organised.
A medical accountant offers services such as:
- Monthly management of your accounts – Medical accountants are able to prepare a monthly Profit & Loss Account, Balance sheet and detailed ledger listings.
- Bookkeeping – This involves taking source documents and recording of bookkeeping transactions ready to produce your monthly management and end of year accounts.
- VAT returns – Medical accountants can prepare your VAT returns and [provide you with the figures, ready for you to send to HMRC.
- Statutory year end accounts – This is the process of preparing your year end accounts ready for submission to HMRC and Companies House.
Area’s Medical Accountants Look At
Medical accountants can also provide professional and knowledgeable advice on various financial areas such as:
- Bidding for new contracts
- Capital gains TAX
- Partnership agreements
- NHS pension schemes
- VAT planning
- Financial planning.
- Inheritance TAX planning