GP Practices and Healthcare Professionals

We support and advise on the financial aspects of your practice allowing you to concentrate on what you do best - looking after your patients.

We provide business support all year round, not just the annual compliance work on accounts and tax matters.

We help you maximise your income and monitor your costs to identify possible savings as well as ensuring you are paying the correct amount of tax.

We take the time to get to know both you as an individual and your practice to enable us to review and advise on your capital and inheritance tax positions.

Compliance

Practice Accounts

We don’t simply prepare your annual practice financial statements and ensure partners’ profit shares and current accounts are fairly represented, we also take the time to meet with you to help you understand them and what they really mean for you. In this way we help you to better analyse your practice, its strengths and weaknesses, and identify opportunities to maximise income and reduce costs.

Personal Tax

Your time is best spent caring for the needs of your patients. Our team of specialists will prepare your tax return and calculate the liability due. We also liaise with the tax authorities on your behalf to relieve the ever-increasing burden of tax compliance. We proactively advise on the implications of the annual allowance limits for pension contributions to ensure you can make timely decisions and assist with the reporting of these to HMRC and NHS Pensions.

Superannuation

We ensure that your superannuation certificates are prepared and submitted to NHS England on a timely basis. We ensure that you are compliant with superannuation regulations and that the correct contributions are being paid.

VAT

We specialise in navigating the VAT regulations applicable to dispensing practices, pharmacies and other healthcare businesses that are required to register for VAT, including the complex partial exemption calculations.

Advisory

Business Support and Advice

We pride ourselves on getting to know you and your practice to enable us to provide tailored advice and support when you need it. We can set up and provide management accounting reports as well as cash flow forecasts to enable you to proactively manage the finances of the practice. We can also help with recruiting to your finance team which is a critical function for modern GP practices and also provide financial modelling to support other recruitment decisions e.g. new salaried GP’s or GP Partners. We can also provide book-keeping services and support the finance team during any transition periods or on a more regular basis, if required.

Tax and Estate Planning

We have an amazing team of Chartered Tax Advisers who proactively seek opportunities to minimise your tax burden and have a wide variety of tools to help you structure your estate in a tax efficient manner.

Business Structures

We review your business structure to help ensure that it is as flexible and as tax efficient as possible.

Succession Planning

We can advise on the whole practice life cycle from admitting a new partner and its tax implications to financing the exit of a retiring partner.

Pensions

We work with a number of Independent Financial Advisers who can help you with pension planning, an increasingly important issue for medical professionals in view of the government’s planned reductions in the annual and lifetime pension allowances.

"Using Harris and Co Accounting services means we have a clear understanding of our accounts, have a team of people we can rely on to help us understand our finances and they have provided training so we feel more confident in managing our financial processes too. They are clear in their understanding of the nuances and complexities of GP practice finances, funding and pensions and can explain the details in a way in which we can all understand. We are really glad we made the move and would recommend them to any type of business owner."