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Hospital Doctors

Our specialist knowledge and understanding of your profession enables us to work closely with Hospital Doctors to provide proactive advice on accountancy, tax and pensions issues to meet specific financial needs.

Hospital Doctors

Our specialist knowledge and understanding of the medical industry enables us to work closely with hospital doctors to simplify the accountancy process and provide an effective solution to their specific financial needs

Our team can:

  • Advise and manage tax refunds on professional fees and subscriptions
  • Prepare and submit your tax return
  • Ensure your tax code is correct and manage your affairs with HMRC

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We offer a diverse range of accountancy and financial planning services to hospital doctors.

These include: 

  • Recurrent annual services
  • The preparation of tax returns
  • Agreeing tax refunds with HMRC
  • Claim submissions for professional fees and subscriptions
  • Unlimited ongoing telephone support

For your peace of mind and to help you plan ahead we offer a fixed fee for our recurrent services. The package is dependent upon your professional circumstances and existing book keeping procedures.

Non-recurrent services

  • Advising on property acquisitions
  • Inheritance Tax planning
  • Financial and book keeping software training such as Sage
  • Budget and cash flow planning
  • Planning for Capital Gains Tax

Fees for non-recurrent services are based purely on time and can be billed as an hourly rate or a set project fee can also be agreed.

Tax rules governing personal expenses for hospital doctors are strict and must be closely adhered to. It is vital you understand the guidelines surrounding expense claims.

Allowable Expenses

In the simplest of terms an expense is allowable for tax purposes if it is incurred 'wholly and exclusively for the purposes of the trade'. If an expense is incurred for more than one purpose - for joint personal use for example - a deduction for any identifiable proportion of the expense which is incurred 'wholly and exclusively for the purposes of the trade' is allowable.

Motor Expenses

As an employee you can claim motor expenses using the fixed profit car scheme, which allows a claim of 45p per business mile for the first 10,000 miles then 25p for each additional mile, and you must be able to support the number of business miles claimed.

Medical Equipment

Any medical equipment purchased is deductible if it is intended to be used 'wholly, necessarily and exclusively' in the performance of the duties of your employment. However there are some exceptions to this rule and we can advise you accordingly. There are countless other expenses which could be claimed such as professional subscription and education course fess, and we provide all our GP clients with a simple yet detailed checklist and ongoing advice to ensure all allowable expenses are claimed.

Expense Claims in the Early Years

Many hospital doctors may not have completed a tax return or claimed a tax rebate in respect of professional fees and subscriptions incurred during their training. In many cases a significant tax rebate is often due and it is possible to make a claim up to four years in arrears. We can assist you by assessing which expenses are tax deductible before advising as to how best to claim the tax rebate.

Tax overpayments are a common issue faced by many hospital doctors if their tax code is incorrect which is often the case if a doctor has more than one source of income or has not accounted properly for personal expenses.

Whatever the reason for the incorrect code, we are able to check the code at any time during the year before ensuring the correct tax code is issued. You then have full peace of mind that there are no unexpected costs at the end of each financial year.

You'll be aware that you are part of the NHS Superannuation Scheme but do you really understand what the scheme will give you when you eventually retire?

Pension planning is often overlooked and left and until retirement is fast approaching. We understand that's partly due to its complex nature as the terminology, methods of calculation and benefit options are often impenetrable when trying to plan for yourself.

Our team can guide you through the process ensuring you understand all it entails and if you require specific financial planning advice, Independent Financial Advisers at our sister company Blackett Walker Ltd can assist and help you to make informed decisions as they are authorised and regulated by the Financial Conduct Authority (FCA).

NHS Information

The UK NHS Pensions Agencies offer limited information, which is focused on benefits only payable through the NHS. However, this does not provide a wider industry overview as many GP's make additional pension contributions through 'Added Years' Additional Voluntary Contributions (AVC's) or to external Free Standing arrangements. Some may also contribute to a Personal Pension plan or a Self Invested Personal Pension (SIPP).

Pensions are complex but they don't have to be with the correct support and guidance. We can work with you to establish what you want your pension to deliver and what your basic income requirements are now and in the future.

The introduction of the Tax Health Plan has far reaching implications for you.

Protection against the increased frequency and cost of tax enquiries is now essential and as such we offer a service to safeguard GP's from the potential significant costs of any such investigation. While additional tax liabilities are an issue, equally important are the professional fees, which could be incurred should there be a dispute with the tax authorities. We therefore recommend all our GP clients take advantage of our Tax Protection Service, which covers professional fees incurred in handling a dispute with H M Revenue & Customs.

Through an annual subscription the scheme enable us to manage the process effectively on your behalf and removes the risk of any unexpected fees or costs.

  • Very smooth changeover to BW, with good communication at all times. Very efficient in the production of the accounts (as promised) and the Partners are delighted with the advice received to date.

    Paul Atkinson, Practice Manager
    Netherfield House Surgery, Northumberland
  • BW Medical Accountants have a good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.  Benfield Park have been very impressed by the way BW Medical continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice. 

    We have found Practice consultation and engagement from BW Medical specifically helpful to shape the future of the Practice.

    Jonathan McCutcheon, Practice Manager
    Benfield Park Medical Group, Newcastle
  • We had no hesitation in moving to BW Medical Accountants.  For any business your accountant is integral, and for us one of the most important factors to this relationship is to have a personal and trusting approach, which BW have undoubtedly achieved. 

    The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us.  More importantly they are always helpful and polite to answer even the dumbest of questions!  They give us confidence and reassurance knowing that they are always very up-to-date with all the numerous changes within general practice and we would have no hesitation in recommending them to other practices seeking a professional and personal accountancy service.

    Jackie Rotherham, Practice Manager
    The James Street Family Practice, Lincolnshire
  • We moved to BW Medical Accountants in 2013 and we are delighted that we have.  Having been in the same business for over 20 years it is important to have a relationship with the accountancy team but most importantly you need to have trust.  We made the decision to move our business to BW Medical Accountants and having worked with the Team especially Tina we are very satisfied.  Tina going through the accounts brought to our attention many things that I was not aware of in the past.  The first years' experience can only be described as excellent.

    Customer service is first and foremost with BW and this shines through as each and every one of them are approachable, helpful and most importantly understand and know the business.  General practice is complex and is going to get more complex in the coming years.  We need Accountants who truly understand our business. We as a practice and as individuals would certainly recommend BW Medical Accountants.

    Gloria Middleton, Managing Partner
    Westbourne Medical Group, Sunderland
  • We changed to BW Medical Accountants during this financial year and I would say we have just had the most transparent and understandable end of year meeting and the best planning advice I have ever had in 16 years of practice.

    Dr H Jervis, Partner
    Temple Sowerby Medical Practice, Cumbria

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