Attention: Doctors
& Practice Managers

Are you meeting your financial requirements in a timely and cost effective fashion?
Are you keeping up with changes to the NHS structure?
Are you getting the most from your practise or private work?

It’s time to take control of your financial health. 
Unravel the complexities of medical accounting
and find out whether you could reduce your tax bill with the
Lawrence Grant
Healthcare Checklist

Simply answer YES, NO or NOT APPLICABLE to each of the following questions to discover whether your finances are as healthy as they should be.

Basic Tax & Compliancee

1. Is your financial paperwork submitted accurately and on time each year?
2. Have you minimised your tax bill by:
1. Claiming tax allowances?
2. Maximising tax benefits on retirement benefits?
3. Maximising claims for expenses?
3. Have you completed your end of year pension certificate?
4. If you are a dispensing practise, have you registered for VAT?
5. Do you have sufficient indemnity cover?
6. Do you have Fee Protection Insurance to indemnify the costs of accountants in dealing with potential H M Revenue & Customs enquiry?
7. Do you keep up-to-date with changes to the NHS structure?

Partnerships & Practice Development

1. Does your practice have a partnership contract that is reviewed and updated on a regular basis?
2. Have you considered the potential threat of Alternative Provider Medical Services (APMS) and the impact it could have on your business?
3. Have you seen a model contract of APMS?
4. Do you understand the difference between APMS and Specialist PMS (PMS)?
5. Have you grossed up all your income in the practice accounts?
6. Have you considered the possibility of incorporation?

Employees

1. Do you have employment contracts for all your staff?
2. Do you have a FREE employment advice helpline?
3. Are your staff uniforms declared on annual HMRC Form Plld?
4. Are you claiming £150 per employee per year for staff parties?
5. Are you aware that all cash vouchers given to staff are subject to PAYE?
6. Are all your non-cash vouchers been declared on HMRC Form Plld?
7. Have you claimed 14% of employers pension contribution as a deduction against income?

Securing Your Financial Future

1. Are you confident that your pension certificate is completed correctly?
2. Where you have accrued rights under the NHS pension scheme, have you obtained an up-to-date benefit statement for the purposes of valuing these against the Lifetime Allowance?
3. Have you prepared a tax efficient will in order to save £114,000 in Inheritance Taxes?
4. Have you assigned your life policies to a trust?
5. Have you considered applying for non-domiciled status?

If you answered NO to any of the above questions, you may not be meeting your financial requirements or making the best tax choices for your personal and professional situation. 

Lawrence Grant offers expert tax and accounting advice to the medical profession.  We can assist with your cash flow and financial planning in a timely and affordable way to minimise your tax bill and to support the growth of your practise.

This checklist is of a general nature and is for guidance only.  It is not a comprehensive review and should not be acted upon without specific advice relevant to your situation.