From a financial point of view, the healthcare profession is probably the most complex. The constant changes to the NHS structure mean doctors and dentists need expert financial advice at a timely pace.
From years of service to the medical profession, our dedicated team has accumulated a wealth of experience in supporting the healthcare sector, which enables you to focus on running your business. Our sister company, FB Wealth Management Limited, offers independent financial advice that covers areas from income protection and illness cover to investment strategy and IHT planning.
We work with a number of GP surgeries providing services including:
- annual accounts
- meeting with all GPs and Practice Manager to discuss performance and identifying improvements
- measuring financial performance against national statistics
- preparation of partnership and individual tax returns, tax planning advice and annual certificates of pensionable profits
We also provide advice for NHS pensions, including pension forecasts and future benefits as well as tax implications from the Annual Allowance and Lifetime Allowance. For locum GPs and hospital consultants we can prepare accounts and Self-Assessment tax returns and tax planning, as well as advising on expense claims and personal financial planning through FB Wealth Management Limited.
We offer specialist support to all dental practices, whether owned personally, in partnership or in profit sharing or incorporated businesses, and provide services for several associate dentists and dental professionals working as consultants.
This support includes:
- preparation of accounts
- preparation of partnership, individual and Self-Assessment tax returns and tax planning
- consideration of potential tax implications from the Annual Allowance and Lifetime Allowance
- advice on NHS pension forecasts and projected benefits.
In addition, we can also review dental practices’ financial performance, arrange meetings to discuss accounts and identify future improvements, assist with ARR for all providers and performers and outsource payroll..
For associate dentists and consultants we will also advise on expense claims, pension forecasts and projected benefits for superannuation.
Practice Management Support
We work closely with proactive managers to offer assistance with:
- cash flow forecasts
- working capital
- partners’ drawings
- advice for partnership agreements
- incoming and outgoing partners
- capital requirements