Accountants on call
Our message here at Lewis & Co is always that if you’re running your own business or working for yourself, that’s time-consuming enough, so we’re here to take away the burden of doing accounts and tax-related activities for you. While some of our clients have been less busy though over the past 18 months, we work with quite a few people involved in some way in the medical profession – including doctors – and they’ve, unsurprisingly, been busier than ever!
According to a survey conducted by the GP publication, Pulse, this year GPs are now working 11-hour days, with over half GPs saying consultation time is now ‘significantly’ (24%) or ‘slightly’ (31%) longer than before the pandemic.
Liverpool LMC medical director Dr Rob Barnett told Pulse that ‘workload has increased, certainly during the pandemic’. He said: “What I pick up anecdotally is that people are struggling to get home at a sensible time [and] a surgery session of three and a half hours invariably goes to four and a half to five hours.”
Doctors’ tax is a tricky area and we’re here to help. For a number of them, they have their own GP practice accounts to manage, as well as potential private practice or ‘freelance’ income, so we can support them with the preparation of both business and personal accounts. In addition, the pension element can be complex for doctors, who could typically have an NHS pension, as well as a private pension.
We can make sure their accounts are calculated as tax efficiently as possible. Nowadays, there may also be IR35 implications to consider too, as well as VAT, and claiming the relevant benefits and allowances.
If a doctor is also heading up a GP practice, then we can also advise them on business planning, including developing their practice, incorporation, succession planning and any potential mergers and acquisitions.
We don’t just look after doctors though and have clients which also include dentists and nurses, as well as osteopaths, opticians and chiropractors etc, in fact, anyone involved in the healthcare profession.
If you’ve got any questions at all, then please do get in touch on tel: 01892 513515.