Medical practices

Specialist advice for a healthy practice

As a GP, your concern is for the health of your patients. As specialist medical accountants, ours is for the health of your practice.

At Albert Goodman, we understand the pressures faced by GPs today. We also believe that good management and quality support are essential to maintaining an efficient, profitable practice. That is why we provide our clients with more than just the basics. We share with you the knowledge we gain from our relationships within the industry, and anticipate ways in which we can help your business prosper.

What is more, with a member of the Association of Independent Specialist Medical Accountants (AISMA) heading up our medical team, we have access to a wide range of resources that keep us – and you – up to date with the latest developments in the medical sector.

Some of the ways we help:

  • Management accounts: we prepare management accounts for your practice, including a detailed analysis of your income and costs
  • Reviews: we meet with you regularly, to discuss business issues and help improve the performance of your practice
  • Cashflow: we prepare budgets and cashflow forecasts, to ensure sufficient resources are available for projected drawings, tax liabilities, and superannuation deductions
  • Business accounts: we prepare your annual accounts in a format that is easy to understand, and follows all relevant guidelines
  • Partnership agreements: we advise you on partnership agreements, and profit sharing arrangements
  • Finance: we advise you on partnership and surgery finance, particularly when partners join or retire from the practice
  • Business analysis: we compare the actual performance of your practice against its forecasts, to assist in the management of your business
  • Benchmarking: we compare the performance of your business against national and local averages, to help identify strengths and weaknesses
  • Tax returns: we prepare and submit your partnership tax returns
  • Annual meetings: we meet with you annually to ensure that you understand your accounts, and that they provide you with all of the information you need to run your practice
  • Personal affairs: we help with the administration of personal self assessment tax affairs, including the completion of practice expenses claims, and the preparation of Superannuation Certificates on your behalf
  • Tax planning: we help mitigate your tax liabilities by advising you on VAT and income tax, and making use of all relevant allowances and rates
  • Pensions and investments: we advise you on the NHS superannuation scheme, personal pensions and tax-efficient investments
  • Bookkeeping: we provide bookkeeping training, support and advice
  • Payroll: we provide a full payroll service, including the provision of monthly payslips, the calculation of sums due to HM Revenue & Customs, and the submission of annual returns
  • Telephone support: we provide ongoing telephone support, so that you can seek our advice whenever you need it
  • Planning for the future: we advise you on retirement strategies and estate planning
  • Keeping you informed: we provide regular newsletters on topical medical issues

Advice for all members of the medical profession

If you are a consultant, registrar or other employed member of the medical profession, you will also benefit from our personal tax service. We prepare your annual tax returns, and advise you on claims and tax planning opportunities.