Medical and doctor accountants for healthcare professionals

As a doctor, your primary focus is on providing exceptional care to your patients. However, managing your finances efficiently is just as crucial for maintaining a successful medical practice and securing your financial future. From understanding NHS pensions to managing private practice income, the financial landscape is different for medical professionals.

GoForma's team of expert accountants for doctors specialise in helping healthcare professionals plan complex financial matters, provide industry-leading bookkeeping solutions, and assist with NHS pension plans. Leverage expert accounting support to streamline your financial management, plan for the future, and put your business accounting needs on autopilot.

Benefits of an expert medical accountant

A dedicated accountant can bring numerous benefits to doctors and healthcare professionals, allowing them to focus on providing exceptional patient care. Here's how you can benefit from our specialised accounting services:

1. Tailored financial advice: our specialist medical accountants provide personalised advice tailored to your specific needs, whether you're working within the NHS, running a private practice, or both.
2. Maximised tax efficiency: Doctors often have complex income structures, and our accountants know how to handle this complexity. We can ensure that you take advantage of all available tax reliefs and deductions, minimising your tax liabilities.
3. Tax compliance: Tax laws and regulations are constantly changing, and keeping up with them can be daunting. Our accountants stay up to date with these changes, ensuring you remain compliant with HMRC regulations.
4. Time-saving: Managing your finances can be time-consuming, especially with a demanding medical career. An expert doctor accountant takes care of the financial details for you, from bookkeeping to tax returns. This saves you valuable time, allowing you to focus more on your patients

Why choose GoForma as your medical accountants

At GoForma, we provide top-notch accounting services tailored specifically for doctors. With our deep understanding of the unique financial needs of medical professionals, we are well-equipped to handle the complexities of medical accounting.

Here's why doctors across the UK trust GoForma for their accounting needs:

1. Expertise in medical finances: Our experienced medical accountants possess in-depth knowledge of the healthcare sector. We’re skilled in handling high incomes, managing student loans, and navigating the complex tax rules specific to medical professionals.
2. Personalised financial solutions: We know that no two medical practices are the same. That’s why we offer personalised financial solutions designed to address your specific situation. Whether you’re running a small clinic or a large medical practice, we create strategies that align with your financial goals.
3. Maximised tax efficiency: Our tax advisors for doctors stay up-to-date with the latest tax laws and use this knowledge to find every possible deduction and credit available to you. Our proactive approach helps minimise your tax liabilities and ensures that you benefit from the most tax-efficient strategies.
4. Ongoing support and advice: Our healthcare accountants offer ongoing support and financial advice throughout the year. Whether you have questions about financial decisions or need help with unexpected issues, we’re here to provide timely and reliable assistance with one on one personalised accounting support.
5. Transparent and fair pricing: We offer transparent pricing without any hidden fees or unexpected charges, so you know exactly what to expect and can plan your budget accordingly.
6. FreeAgent at no extra cost: as platinum FreeAgent accountants we believe that this is the easiest accounting software to help you manage your invoicing, track expenses and get clear insights into your practice or other practices you work with.

Accounting services for doctors that we offer:

With our expertise, you can choose from a range of different services:

Tax planning and advice

Our tax accountants for doctors analyse your financial situation to develop tax-efficient strategies, identify eligible deductions, and ensure you take advantage of all available tax allowances.

Business structure selection

Our accountants offer guidance on selecting the best structure for your practice, whether it's a sole trader, partnership, or limited company. We analyse your individual needs and provide recommendations that make sense for your personal tax optimisation and long term business goals.

Bookkeeping for doctors

Our specialist medical accountants handle all your bookkeeping tasks, including recording transactions, reconciling accounts, and maintaining financial records. Our meticulous approach ensures that your financial data is accurate and up-to-date, providing you with clear insights into your practice’s financial health.

Payroll management

Our accountants for GPs take care of payroll processing for you, ensuring that your employees are paid accurately and on time. Our services include calculating salaries, handling deductions, and managing payroll taxes.

Annual accounts preparation

We handle the preparation of your annual year end accounts, ensuring they are accurate and comply with accounting standards. Our comprehensive service includes organising financial data, preparing balance sheets, profit and loss statements, and other necessary documents.

VAT registration and returns

If your practice needs to be VAT-registered, we manage the registration process and handle all VAT-related tasks. We prepare and submit VAT return, ensuring compliance with regulations and timely payments. Our service helps you stay on top of VAT obligations and avoid any potential issues.

NHS pension assistance

We offer specialised assistance with NHS pensions, including understanding pension contributions, maximising benefits, and planning for retirement. Our expertise ensures you get the most out of your NHS pension and plan effectively for your future.

Self assessment tax returns

Our accountants handle the preparation and submission of your self-assessment tax return, ensuring accuracy and compliance. Our service includes gathering necessary documentation, completing the return, and submitting it on time to avoid penalties.

Retirement Planning

We provide comprehensive retirement planning services, including assessing your current financial situation, setting retirement goals, and developing strategies to achieve them. Our goal is to help you build a solid retirement plan that ensures financial stability in your later years.

Example healthcare professionals we work with:

Our team can assist a variety of medical professionals with a wide range of services. These include, but are not limited to:

• Doctors
• Dentists
• General Practitioners (GPs)
• Consultants
• Specialists
• Locum healthcare professionals
• Locum Pharmacists

What Expenses can Doctors Claim?

Doctors can claim a range of expenses related to their medical practice, including:

• Medical equipment and supplies
• Professional indemnity insurance
• Business travel and mileage
• Continuing professional development (CPD) courses
• Membership fees for professional bodies
• Rent and utilities for your practice premises
• Staff salaries and benefits
• Marketing and advertising costs