Medical Sector

Our clients come from all kinds of businesses, but we have a very special relationship with those in the medical sector: medical practices, hospital consultants, locums and non-principal GP’s.

Doctors

At Busbys we appreciate that as a doctor you have very specific tax needs which are not necessarily appreciated by the non-specialist accountant.
We are focused on the specific business needs of medical professionals, therefore helping you to maximise your income by minimising your tax liabilities.

We like working for GP Practices...

If you are a GP you too can benefit from a service finely tuned to your needs! Our expertise has been accumulated over many years. We have made an extensive study of all NHS changes so that YOU profit.

Specially for Medical Practices...

We provide an enthusiastic and bespoke service to our medical clients.

On appointment we will meet you to assess the services that you need and agree how they will be implemented. We know there are rarely enough hours in the day for a busy practice manager to analyse the financial data of the practice to the extent that you would like.

Key features:

• Prompt preparation of accounts
• Detailed review of the financial performance of the practice against budget and our internal statistics.
• Profits and drawings budgets prepared for the following year.
• Meetings at the surgery at times to suit you.
• Detailed income tax projections to give you as much advance warning of your liabilities as possible.
• Advice on all aspects of GP finance including Cost Rent, Notional Rent, partnership agreements, partnership changes and much, much more.

It is possible to save tax if you set up your practice as a Limited Company as Companies are taxed differently from those who are self-employed.

The company pays a lower rate of Corporation Tax at 21% up to profits of £300,000 after expenses which includes salaries and pension payments.

Profits after tax can be distributed to shareholders as dividends. Corporate shareholders do not pay tax on dividends received but individual shareholders are taxed on dividends received. However, they do not pay national insurance.

Whether you would pay les tax as a Company or as a Sole Trader will depend on your profit level and whether you take money out of a company as salary or dividend. Any tax saving would need to be balanced against the cost of incorporation and running a company.

As you are self-employed, your profits are taxed as income. You need to pay further fixed-rate Class 2 National Insurance contributions (NICs) and class 4 NICs on your profits.

Call 01580 765 088 to see how we can help.