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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Tax Planning for GPs

How can I make sure I pay less tax?

Tax planning for GPs always depends upon your personal and financial circumstances. There is no ‘one size fits all’.

That is why we work so closely with our clients to understand the sources of income and expenses and make sure we reduce the tax liability.

Having said that, these are some questions we are frequently asked.

Can I pay my spouse a salary or a pension contribution out of my practice income?

The short answer Is YES. If you pay your spouse a salary or a pension contribution at a commercial rate for the work they do for your surgery, HMRC will not object.

Depending upon your individual circumstances this could save a significant amount of tax.

You can find out more on our Paying Family Members page.

I understand individuals pay more tax on ‘buy to lets’ than companies, so could I transfer my small ‘buy to let’ portfolio to a limited company?

Broadly speaking, limited companies get a full deduction for the interest charge on a ‘buy to let’ mortgage, whilst a higher rate individual tax payer does not.

However, if an individual transfers a small ‘buy to let’ portfolio to a limited company, the transfer may:

  • Trigger a capital gains tax charge.
  • Create a stamp duty charge.
  • There is also the potential difficulty of persuading a lender to move the ‘buy to let’ mortgage to the limited company.

For these reasons, we would not normally recommend you transfer your small ‘buy to let’ portfolio in this way. The advice may be different if you have a substantial residential property rental business.


Nothing noted above should be construed to be tax advice. In all instances you must take tax advice from a professionally qualified advisor who will advise on your individual circumstances.


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.



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 →



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 →



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.


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.