We provide accountancy, taxation and business advisory support services to GP’s and GP practices.
The financial and accountancy framework for GP practices is complex and is underpinned by the GMS contract.
A thorough understanding of the GMS contract is required in order to prepare, analyse and understand a set of partnership accounts for a GP practice. Our team have extensive knowledge of the contract, its implications and administration requirements.
In particular our services cover the following:
- Preparation of partnership accounts including partners capital and current accounts;
- Advice on partnership deeds and agreements including new and exiting partners;
- Review and verification of earnings for superannuation calculations;
- Tax planning for partnerships including retiring or new partners
- New surgery premises considerations including the notional rent scheme and funding requirements;
- Commercial leases with high street pharmacies
- Partnership dispute resolution
- Setting up computerised accounting systems including detailed code structures to accommodate all GMS income streams and expense headings
We understand that timely accounts and taxation computations are essential to GP practices in order that cashflow is planned accordingly. In view of this we always aim to provide a very timely and effective service.