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 Enquiry Protection for GP Medical Practices

GP Practices are under scrutiny by HMRC, you should think about taking out cover

HMRC have got GPs in their sights. They consider GP practices to be a high risk area for mistakes, which makes them a good prospect as a target for action.

GP practices are under the spotlight due to the introduction of the ‘Off-payroll’ working rules in 2017, and tax cases restricting business expenses such as the ‘Samadian’ tax case .

Why should I consider insuring against a tax investigation?

We have seen the the increased frequency of tax investigations in this area, and the costs of such an investigation – whether or not you have done anything wrong – can be very high with the professional fees needed to investigate and respond to the HMRC demands.

You should be particularly cautious if you are being paid under a ‘Contractor Loan Scheme’. If you are you should see our Contractor Loan Scheme page for more detail.

We recommend our Tax Enquiry Protection insurance to meet the costs of professional fees which are incurred in any tax investigation.

But I haven’t done anything wrong, so it won’t affect me, will it?

Even if the result is that no extra tax is payable, there will be significant additional costs to meet. Just responding to the HMRC enquiries and making available the information they may demand will cause additional work.

We therefore recommend that all our GP practice clients take up our Tax Enquiry Protection insurance.

If I have insurance, what would happen?

For an annual subscription the insurance will enable us to dedicate as much time as necessary to get the best result for the practice.

If a GP practice has a tax investigation by HMRC then we will deal with the matter from the initial enquiries right through to resolution and ensure that the outcome is as favourable as possible to you.

Protect yourself today

If you would like more details of this insurance please contact us.

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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.

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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.

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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.

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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.

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.