T: 01743 257300    F: 01743 257309    E: office@tudorhealth.co.uk

Our Clients

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GP Practices

 

As a start point we review a practice’s accounting records, to make sure that they are organised not just for year-end accounting but also as a management tool for internal reporting during the year. In particular you need an early warning if profits are under pressure and we can help your Practice Manager to identify problems early on.

We review your profits and income to consider tax exposure and look at opportunities for tax planning. We look at innovative solutions for you, which might include using limited companies within your structure, particularly if your income is such that you are 45% tax payers – you can pay 20% tax instead!

The scope of the services we offer is wide and includes:

  • Preparation of your annual accounts and tax returns. We aim to do this within 3 months of the year end, where possible, but we are flexible on scheduling.
  • Our accounts include a detailed benchmarking service which we go through with you to help you to understand how your finances compare to other practices and to pinpoint where you may be able to adapt and improve your profits.
  • We always provide tax forecasts as soon as draft accounts are available so that you have plenty of warning of future tax hits. This also applies to any underpayments of superannuation.
  • We look at drawings calculations and bonus payouts for partners to ensure that capital and current accounts remain in line with profit and capital sharing arrangements.
  • We come to see you at least once a year to meet all the partners and the management team. This is a comprehensive meeting to look at your accounts, tax planning and to talk to you about recent developments in your practice and in the national arena.
  • At your request we can meet you more regularly. This is usually when there is something specific going on, such as a new venture, or surgery build or when partners are leaving or joining the practice. We can help you to manage such changes painlessly!
  • We advise on all aspects of the NHS pension scheme and how it works for GP principals and your staff. Currently we are talking to our clients about tax planning for the Lifetime Allowance and Annual Allowance.
  • We offer a book-keeping service which can be a very cost effective option for you.
  • If you are VAT registered – and we act for lots of dispensing practices who are – then we can help you with the complexities of VAT legislation and even do your VAT returns for you.
  • We can install accounting software and train your team to use this to give you a comprehensive internal accounting system, with useful management reports to look at throughout the year.

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GP Locums

 

We can help you through the maze of regulations which you face when you become a self employed GP locum.

  • We help you to complete the necessary forms and explain your responsibilities as set out in tax legislation – so that you make sure that you set up appropriate accounting records for your income and expenditure.
  • We advise on the claims that you can make for tax deductible expenses.
  • We prepare your tax return from your data and advise on forthcoming tax liabilities.
  • We will give you an indication of your likely tax liability when we first meet and can update this advice on an ongoing basis.
  • We help to work out how much to save for tax from your monthly income so that you can be confident that your future tax bills are provided for.
  • We advise on all aspects of the NHS pension scheme and how it works for GP locums. Currently we are talking to our clients about tax planning for the Lifetime Allowance and Annual Allowance.

As your career progresses you might decide to join a practice as partner. We can help you understand the financial structure of the practice you are joining, how you fit in and what your financial obligations for capital investment are. Because we act for so many GP practices we are very familiar with arrangements for new partner buy-ins and can support you as you negotiate your terms.

We recognise that GP Locums are often at the start of their career and will be unfamiliar with the financial responsibilities and tax systems for the self-employed. We spend time with you explaining how this works and how what you are doing fits into the system – so you don’t have to worry about surprise tax bills, and to make sure that you maintain adequate and compliant accounting records.

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Hospital Consultants

 

We advise hospital consultants who have private practice activity on their financial obligations, as set out in tax legislation. This ensures that your accounting records and tax returns are compliant.

  • We can advise you on a suitable book-keeping system and set this up for you.
  • We can do your book-keeping for you.
  • We advise on expenses which are tax deductible to ensure that claims for expenditure are not missed.
  • If you do medico-legal work or other work which may be subject to VAT then we can explain how VAT works and help you to comply with legislative requirements, right down to doing your VAT return for you.
  • We make sure that you understand your future tax payments and can make proper and adequate provision to save for future tax liabilities.

Most importantly we look at tax planning with you. Currently we are looking at using limited companies as part of our tax planning advice to hospital consultants with the opportunity to pay tax at 20% on private practice income instead of, perhaps, at 45%.

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Dental Practices

 

When we take on an engagement, we review a practice’s accounting records to make sure that they are organised not just for year-end accounting but also as a management tool for internal reporting during the year. In particular you need an early warning if profits are under pressure and we can help you to identify problems early on.

We review your profits and income to consider tax exposure and look at opportunities for tax planning. We look at innovative solutions for you, which might include using limited companies within your structure, particularly if your income is such that you are 45% tax payers – you can pay 20% tax instead!

  • Preparation of your annual accounts and tax returns. We aim to do this within 3 months of the year end, where possible, but we are flexible on scheduling.
  • We go through your accounts with you in detail to help you to understand how your finances compare to other practices and to pinpoint where you may be able to adapt and improve your profits.
  • If you are in an expense sharing structure we review the mechanics of the structure to make sure it is achieving the intended outcome and a fair allocation.
  • We always provide tax forecasts as soon as draft accounts are available so that you have plenty of warning of future tax hits.
  • We look at drawings calculations and interim payouts for partners to ensure that capital and current accounts remain in line with profit and capital sharing arrangements.
  • We come to see you at least once a year to meet all the partners and the management team. This is a comprehensive meeting to look at your accounts, tax planning and to talk to you about recent developments in your practice and in the national arena. In expense sharing practices we look at accounts individually with dentist principals so that everyone has a very personal service.
  • At your request we can meet you more regularly. This is usually when there is something specific going on, such as a new venture, or when partners are leaving or joining the practice. We can help you to manage such changes painlessly!
  • We advise on all aspects of the NHS pension scheme and how it works for dentist principals and your staff. Currently we are talking to clients about the Auto Enrolment rules.
  • We hold regular training sessions for practice managers.
  • We offer a bookkeeping service which can be a very cost effective option for you.
  • We also offer access to a payroll bureau service as a long or short term solution.
  • We can install accounting software and train your team to use this to give you a comprehensive internal accounting system, with useful management reports to look at throughout the year.

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Other Health and Care Professionals

 

Our knowledge and experience of working with GP practice, locums and hospital consultants has enabled us to be able to gather an extensive understanding of the health and care sectors so that we can provide our services to the wider range of professionals such as physiotherapists, chiropractors, optometrists and social workers as well as care providers.

  • Preparation of your annual accounts and tax returns covering sole traders, partnerships and limited companies.
  • An annual report summarising the accounts highlighting key aspects from your financial data as well as providing benchmarking statistics where relevant.
  • A detailed meeting to discuss your annual accounts and any other issues such as tax planning and cash flows as well as any recent relevant developments in your area of expertise.
  • Ongoing review of your business structure to see if there is a more suitable vehicle that will achieve you a better tax saving outcome.
  • Where applicable, helping clients make the switch to a “not for profit” status including attaining charity status and providing ongoing support.
  • Managing your payroll and bookkeeping functions to help free up valuable time for you
  • Helping our clients move to cloud accounting so that you can access you businesses financial information whenever you want to. We will provide the necessary training.