Specialist advice for GP Medical Practices

Working within the NHS, resources and funding are always going to be critical to your general practice, but so is getting the correct financial and accounting advice to guide you through the myriad of conditions, rules and restrictions.

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Accounting for GP Practices

So how do you choose the best Accountant for your GP Practice?

Firstly, and perhaps most importantly, you want an accountant with experience in working with GP Practices, so they know what to look for and understand the issues.

Look for someone who is a member of the Association of Independent Specialist Medical Accountants, this shows they have a level of expertise and a number of customers to meet the strict membership requirements.

It also pays to have someone that is not only able to provide the basic skills needed for your day to day accounting needs, but also has the breadth of knowledge and experience to help you with the more unusual or infrequent issues like succession planning or merging the practice.

Finally, it helps that your have someone you feel you can talk to about any issues that arise, sometimes just to talk through ideas or ask about things you are not sure about. With Nichols you can always pick up the phone and talk to a senior accountant or subject expert.

If you choose Nichols as your GP Practice accountant then you can expect all these things:

Services you need every year

Preparing the annual accounts on a timely basis.
Ensuring the accounts meet the national guidelines.
Calculating the profit share between partners.
Meeting at your premises to explain the annual accounts.
Helping to determine drawing levels.
Helping to set aside funds to pay your tax bills.
Advice on capital and current account balances.
Unlimited telephone support for ad hoc accounting queries.

Services you will need occasionally

Surgery acquisition or disposal.
Advising on financial controls and safeguards.
Budgeting and cash flow planning.
IT accounts consulting. Xero, Sage, QuickBooks, Iris GP.

Contact us for specialist medical accountancy services for GP Medical Practices

If you’re looking to plan your finances for the future or trying to find an answer to a problem then get in touch today.

NHS PENSION REVIEW

Are you in danger of being hit with a huge tax bill on your pension growth? Our NHS Pension Review Service can provide an advance warning of impending pension issues.

Learn more →

TAX ENQUIRY PROTECTION

HMRC have increasingly got GPs in their sights and many Practices have been subject to lengthy tax investigations. Make sure you’re covered with our annual insurance scheme.

Learn more →

FREE

EXPERT CONSULTATION

Talk to one of our Medical Accounting Team for free. We can discuss your circumstances and how we can help you achieve better financial management, reduce your tax bills or plan for the future with a tailored fixed price plan.

Meet our team

We have a panel of subject experts and a team of professional accountancy support staff to make sure your specific needs are met reliably and cost effectively.

Meet our team

HOW WE CAN HELP

A specialist healthcare team to advise you
Call free for support at any time
Keep you up to date with the latest changes
No fuss, smooth process to change to us
Members of AISMA - Association of Independent Specialist Medical Accountants

What our clients say…

Tracy Ford, Practice Manager

We have been with Nichols & Co for over a year now. Very smooth transition with good communication at all times. We found them very professional and their knowledge of general practice is very reassuring. They make what can be complex situations easy to understand.

They have also introduced us to a Personally Administered Items claim review service, which has helped us not only making a retrospective claim for the missed income but also delivering improvement in our PAI income going forward.

I wouldn't hesitate to recommend them to anyone looking for an excellent, friendly, reliable accountancy service.

Dr William Jasper, GP Partner

We have received an excellent service since we moved to Nichols & Co. The transition has been the most hassle-free and transparent. They are always very helpful with any queries you might have and have a very good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.

We have been very impressed by the way Nichols & Co continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice.

At the year-end meetings, the accounts are presented in an understandable format without any unnecessary jargons. We have found Practice consultation and advice on Practice as well as personal tax matters from Nichols & Co specifically helpful.

We would not hesitate to recommend them to other GP Practices.

Drs R and N Nair

Nichols & Co have been our accountants for the last 6 years and we always feel that we are a valued client of theirs. They respond promptly to any queries you have either via email or telephone or if need be, in person. Each year Debra visits me at my practice and takes time to go through the accounts with me so that I really understand them, helping me make better decisions.

In 2017, we moved into new premises, and Nichols and Co were able to assist me with claiming back a large amount of tax on the refurbishment of our new premises.

Our practice has changed a great deal over the last few years and having the support of a good accountant has been a great help. I would recommend them without reservations.

GP Partner, London

Nichols and Co have provided high standard medical accountancy services to our GP practice for many years.

They are experienced in their field and provide a dedicated partner who attends our annual financial partnership meeting. This meeting allows time for all involved to raise queries regarding issues such as tax and pension. Additionally, wider comparisons are made with local and national figures. Queries raised at other times are dealt with in a professional and time efficient manner.

I can recommend them.