Mazars acts for over 350 GP practices and 2600 GPs and consultants throughout the UK. We understand the challenges and issues that arise in professional practice and are ready to support you with specialist financial and business advice.
Mazars recently acquired Hall Liddy, the leading medical accounting firm in the North West of England. The newly combined healthcare sector team is one of the largest providers of tax services, accounting, and business advice to GPs and medical consultants in the UK.
We can help ensure that you have effective financial management in place, that you meet reporting deadlines and comply with relevant tax and pension rules. However, we can also play a more strategic role in your success, by finding ways to improve your financial performance and advising on structural changes to help secure the future of your practice. Through our connections with other medical sector professionals in law, banking, financial services and property, we can provide multi-disciplinary solutions to even the most complex issues.
Accounting and financial appraisal
We provide support and advice to Practice Managers on the completion of annual accounts as well as cloud accounting solutions. Using statistical analysis and practical knowledge, we appraise your practice’s performance, benchmark against others, and identify opportunities for improvement.
Our expert team will ensure you are compliant with tax rules, submitting returns on time and paying tax correctly. We also provide tax forecasts to help you plan cashflow and tax planning advice to minimise your liabilities.
Our expert team will help you navigate the complex and shifting area of GP pensions. We can advise on:
• Pension forecasts
• Tax rules around annual allowances and lifetime liabilities
• Annual certificate of pensionable income
Working with lawyers, we review partnership agreements for compliance, NHS regulations and ensure the best accounting service is in place. We can also advise on planning for change within partnership structures when someone leaves.
GP mergers, federations , Primary Care Networks and transformational change
Given the pressure on General Practices, many GPs are considering becoming part of a larger group – whether that is a partnership, federation, primary care network or other structure. We can assess your options and carry out an independent appraisal to provide you with a more objective basis for decision making.
Mazars’ specialist healthcare teams are members of the Association of Independent Specialist Medical Accountants, and Healthcare Partner Andrew Pow is a member of AISMA’s board.
Locums and Salaried GPs
We can advise Locums on pros and cons of all operating structures, either working as a sole trader, via a Limited Company, through an agency or as part of a chambers. We will then help to explain the options and help you put the appropriate structures in place.As tax law around the use of Personal Service Companies in the Public Sector changes, we will provide ongoing guidance and updates.
Before jumping into the unknown and joining an existing Partnership, Locums and salaried GPs should have a clear and independent view of the finances of the prospective practice. We will carry out an appraisal of its performance and outline the questions that you need to ask to make an informed decision.
Our team lectures at a number of courses for GP’s in training at the FY or ST level throughout the UK as part of our support package for GP’s in the early stages of their career. We can provide support and training to organisations which require assistance.
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Planning your NHS Pension
As the tapered annual allowance is introduced, it’s now increasingly likely that a greater number of GPs will exceed their pension annual allowance. If you're affected, this means you will have to pay more tax in coming years. It may now be time to review your options and optimise your position.
What's driving investment in healthcare today?
The UK Healthcare sector has faced many challenges following the decision to leave the EU, specifically, the recruitment and attraction of skilled labour from overseas. National Living Wage has also increased margin pressures for some corporates.