Medical professionals face financial challenges most accountants are simply not equipped to handle. From the NHS pension annual allowance charge to managing tax as a locum or structuring a private practice, the decisions you make have a long-lasting impact. I Sumar & Co accountants providing specialist support to doctors, dentists, GPs, consultants and locum practitioners across the UK.
Common Problems We Solve
We regularly help healthcare clients who:
-
face an NHS pension annual allowance charge and are unsure what to do
-
work as locums and need to choose the right trading structure
-
are unsure when their services are VAT-exempt and when they are not
-
miss out on expenses they are entitled to claim
-
are setting up or running a private practice
What We Do for Healthcare Professionals
-
Self Assessment returns for NHS staff, locums and private practitioners
-
NHS pension annual allowance charge advice and planning
-
Locum income structuring — sole trader or limited company
-
VAT advice on medical services, registering and charging only where required
-
Expense claims for equipment, CPD, professional subscriptions and home working
-
Payroll for private clinics and practices
-
Start-up support for GPs and consultants establishing private practices
-
Personal tax planning to make the most of your allowances
Healthcare & Medical Accounting
- Frequently Asked Questions
Most medical services provided by registered healthcare professionals are exempt from VAT. Some services - such as certain medico-legal reports, cosmetic procedures not deemed medically necessary, and some private services - can be taxable. We assess your position correctly. The current rules are at gov.uk.
It depends on your income level, your IR35 position and your longer-term plans. For many locums above a certain income a limited company can be more tax-efficient, but not always. We model both options so you can make an informed decision.
This is one of the most common and costly issues for NHS consultants and GPs. If your pension growth exceeds your annual allowance you face a tax charge. We help you understand it, consider whether Scheme Pays is appropriate, and plan ahead to reduce future charges.
