Salaried Gp Accounting London

We deliver a comprehensive range of financial management and compliance services for employed healthcare professionals.

Our services include:

Annual Tax Filings

If you have multiple income streams such as employment, private work, or rental property, you are required by law to submit an annual self-assessment tax return.

The return must accurately record all income, capital gains, and any eligible expense claims, including:

• Professional memberships and subscriptions
• Pension contributions
• Work-related travel and mileage
• Charitable donations
• Training and course fees
• Specialist tools or equipment

Completing tax returns can be complex and time-consuming. Our specialist knowledge of the healthcare sector ensures your return is accurate and that all allowable claims are made to reduce your tax bill.

For clarity and peace of mind, we work on a fixed-fee basis agreed in advance. We’ll identify the correct deductions and expenses to help keep your tax liability as low as possible.

The tax regulations around personal expenses for salaried GPs are strict and must be carefully followed. Understanding the rules around allowable claims is essential.

Allowable Expenses

An expense qualifies for tax relief if it is incurred “wholly and exclusively” for your job. If an expense serves more than one purpose—such as personal and work use—you can only claim the portion that relates entirely to your employment.

Motor Expenses

Employees can claim motor costs under the fixed profit car scheme, which reimburses 45p per business mile for the first 10,000 miles, and 25p per mile thereafter. It is important to keep accurate records to support any mileage claimed.

Medical Equipment

Purchases of medical equipment are deductible if used “wholly, necessarily, and exclusively” in your work duties. Some exceptions apply, and we can guide you through these rules.

Other expenses like professional subscriptions and training fees may also be claimable. We provide all our GP clients with a detailed checklist and ongoing support to ensure you claim everything you’re entitled to.

Claims from Training Years

Many salaried GPs complete registrar training before starting salaried roles. During this time, you may not have filed a tax return or claimed rebates for professional fees. Often, substantial tax refunds are due, and claims can be made up to four years retrospectively.

We can help review your expenses to determine what is deductible and advise on the best way to recover any outstanding tax.

Many salaried GPs face tax overpayments due to inaccurate tax codes, especially when they have multiple income sources or have not fully accounted for allowable personal expenses.

We offer ongoing tax code reviews throughout the year to ensure your tax code is accurate and up to date. This helps prevent unexpected tax bills and gives you confidence in your financial planning.

Becoming a GP principal carries significant financial responsibilities and complexities.

It is essential to thoroughly understand the financial health of the practice by reviewing the last three years’ accounts and assessing any personal implications before committing to a partnership.

Key considerations include:

• Is the practice financially well-managed?
• What is your projected profit share?
• What are your anticipated drawings?
• How is partners’ income tax handled?
• Have any factors impacted partnership profitability since the latest accounts?

We offer a complimentary review of the practice accounts for our existing clients to help evaluate the stability and attractiveness of the partnership based on industry insights and benchmarking.

Additionally, we can assist in reviewing the financial terms outlined in the partnership agreement to ensure clarity and fairness.

The introduction of the Tax Health Plan has significant implications for salaried GPs.

With tax enquiries becoming more frequent and costly, it’s crucial to have protection in place. We offer a Tax Protection Service designed to shield GPs from potentially substantial costs arising from any tax investigations. While additional tax liabilities are a concern, the professional fees incurred during disputes with HM Revenue & Customs can also be significant.

Our Tax Protection Service covers these professional fees, giving you peace of mind in the event of a dispute.

By subscribing annually, you benefit from our proactive management of the process on your behalf, eliminating the risk of unexpected costs or fees.