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Medical profession

As members of aisma (Association of Independent Specialist Medical Accountants) Horsfield & Smith have a specialist team with many years experience in dealing with all the financial and accountancy requirements of medical practices. Contact us for a copy of our regular Medical Bulletin.

We can help in all of the following areas and offer a free initial meeting - contact our medical team director Anthony Nuttall at anthonyn@horsfield-smith.co.uk

Accounting

  • Preparation of annual accounts in detailed format incorporating the specific income headings under the new GM contract for both PMS and GMS practices
  • Computerisation of accounting function
  • Efficiency of record keeping
  • Management accounts and cash flows.

Practice Performance

  • Statistical information on income and expenditure averages of practices in your area and nationally
  • Desktop review of your practice's performance in comparison with expectations
  • Improving income, taxation requirements of H M Revenue and Customs for medical practices i.e. returns/accounts/expenses/tax saving hints
  • Early warning of "tax time bombs", overlap relief issues for new and retiring partners

Annual certificates of Pensionable Profits

  • Advice regarding and preparation of the General Medical Practitioner's annual certificate of Pensionable profits

Business and Finance

  • Current account and capital account structures
  • Asset financing including cost rent and notional rent schemes
  • Partnership changes and partnership agreements, inclusive of clauses for profit allocation, property, taxation and other issues

Practice Expenses

  • Which are allowable for tax purposes
  • H M Revenue and Customs attitudes
  • Record keeping

Capital Gains Tax

  • Disposal of surgery premises and other assets

Retirement

  • Withdrawal from the practice
  • Pensions
  • Taxation implications

Newsletters and Seminars

  • As a client you will receive complimentary copies of the regular Medical Update newsletters and invitations to seminars we hold on subjects pertinent to GP practices

Succession Planning

  • Partnership changes
  • Financing

 

To contact aisma click here