GP practice budgets continue to be squeezed harder and harder as costs seem to be continually on the rise and funding on the slippery slope downwards. As a result, financial forecasting is becoming more and more important. So how do practice managers get it right? Russell Finn, Specialist Medical Accountant at Harold Sharp, shares 10 top…

More money, less time, better service delivery – for practice managers up and down the country this has to be the ultimate goal. While achieving more with less – and getting rewarded for it – is nothing more than a pipe dream when it comes to most services provided by practices, there is one area…

Written by: Lentells Accountants It is becoming increasingly difficult for some GP practices to recruit new partners, due partly to the current national shortage.  In this article, we examine some of the financial detail to include in a contract offer to a new GP partner. The main requirement of the financial offer should be based…

Written by: David Elliot, Tax Director. BW Medical Accountants Ltd. HMRC’s IR35 legislation is nothing new.  Its purpose is to ensure that individuals working in engagements which are deemed by HMRC as “disguised employments” are obligated to pay employment taxes over to HMRC.  However, in HMRC’s view, the IR35 rules haven’t strictly been adhered to and…

Merging with other GP practices is becoming an increasingly common route being taken in order to maintain profits at a time of inflating costs. Practices should consider the following financial issues of any prospective merger: Profit shares – This is usually done based on the number of partner sessions worked, but if there were different…

By Robert Campbell  There’s no doubt in my mind that well-managed practices are on top of their financial affairs. But it’s sad to see so many practices falling foul of the debt collector and struggling to pay their bills, or even becoming bankrupt and closing their doors. Pulls on purse strings Sometimes there are unexpected…

There have been plenty of reports recently of delayed or incorrect payments to practices from the NHS. In some cases this has led to salary payments bouncing, direct debits being returned and plenty of headaches and extra work for practice managers. The problem appears to be getting worse and many PMs are saying that they’re…