Taking care of business
Starting out in general practice can be daunting for many reasons. It's the culmination of years of study and you've got plenty of training under your belt - but when it comes to taxes and pension contributions, it's an area where many can feel overwhelmed.
On the other hand, you may be an experienced clinician looking to set up a company through which you can undertake private work. The start-up and ongoing organisation of a business can take up a great deal of time and energy. Faced with the ongoing issues and work burden brought about by the pandemic, the last thing you want to do after a 12-hour shift is to think about bookkeeping, governance and financial management.
A new benefit for MDU members
As part of a new partnership, MDU members can now benefit from preferential rates when they access the tax, accountancy and business advisory services provided by Armstrong Watson LLP.
Our job is to help you understand the numbers, demystify tax and superannuation and advise you in a language that you understand.
Having professional help can take an enormous weight off your shoulders. For example, even if you've been in practice for a while and are taking up a GP partner appointment, you'll need to make sure you are aware of the tax implications of your appointment from the outset.
If this move is from an employed post, you will need to save enough funds to meet your first tax payment and subsequent payments on account. And when you start your appointment as partner will dictate how many years of growing tax liabilities you will face.
We can ensure you understand and can interpret the numbers within the financial statements - a story describing the activities of the year and how your funds are being used within the business.
Whatever your circumstance, we will work with you to ensure you are making the best use of technology, including the most appropriate choice of accounting software. Using a cloud-based solution can provide many benefits. Not only do they provide real-time financial information, but they also ensure you are digitally compliant and your accounts are free from error.
Armstrong Watson: who are we?
Armstrong Watson has been supporting clients for more than 150 years and provides guidance and advice on a wide range of business and financial services including annual accounts, tax returns, tax planning and compliance, corporate finance, business funding and technology solutions.
We have a specialist healthcare team, who have detailed knowledge of the medical, dental, pharmaceutical and wider healthcare sectors and look after a large portfolio of clients across primary and secondary care, as well as within private settings.
The firm is a member of the Association of Independent Specialist Medical Accountants (AISMA), which promotes and exchanges best practice in the field of medical finance.
How can we help?
When it comes to your tax affairs, our advisers can help you navigate the complexities of the UK tax system, including tax associated with annual pension growth and contributions, and will work with you to prepare your personal self-assessment tax return and that of your business, if appropriate.
We can also provide advice on areas such as tax planning and compliance, corporate finance for the expansion or sale of a practice, business funding or technology solutions. For example, there are a number of taxation and commercial considerations relating to the ownership of the property from which you operate, such as VAT implications for dispensing practices and the recovery of VAT if the property were to be developed.
Specialist financial advice
MDU members now have exclusive access to a free helpline, a booking appointment system and a healthcare inbox where you can tell us about your issue and find out how we can help. When we know and understand our client's aspirations and goals, we can provide robust and commercial financial advice to help them achieve these while also ensuring they are fully compliant with the appropriate regulatory bodies.
Ultimately, we're here to take away the stresses of managing your financial affairs so you can focus on caring for your patients.
Having a specialist medical adviser support you with your financial affairs will mean you can optimise your income and effectively manage your tax while complying with NHS and other regulatory frameworks.
We will work with you to manage your financial affairs, ensuring you encounter no nasty surprises along the way, leaving you free to concentrate on the aspects of your professional life that matter most to you.
Morag Miller leads Armstrong Watson's specialist Healthcare Services Team. She has extensive experience within the medical sector, having worked with NHS organisations (primary and secondary care) and GPs, providing compliance, advisory and consultancy services.
Morag, who is a partner within the firm, finds the Health Sector both interesting and incredibly dynamic and keenly keeps abreast of the continuous change within it. Morag believes that only by understanding the sector in its entirety can her team continue to provide the best service to health sector clients.
See more by Morag Miller