Missing out on VAT claims when extending or refurbishing premises can be expensive
A thorough analysis of a practice’s financial history means the incoming accountant is able to provide the best advice going forward. So when AISMA accountant Haines Watts Kent took over a rural dispensing GP practice a few years ago, their first priority was to undertake a review to make sure the practice’s financial affairs were in order.
The five GP partners had, at their initial meetin...Read More
Are you paying too much National Insurance?
For the tax year 2015/16 and beyond, National Insurance (NI) for the self-employed is all incorporated into the tax return and the tax calculation. Time will tell, but, in theory, this should ensure that the correct overall amount of NI is paid.
Prior to that there was a two-step process, whereby class 2 self-employed NI was collected independently and class 4 NI was paid through the tax ret...Read More
Calculation errors trigger black hole in practice reserves
When AISMA accountants Coveney Nicholls took over the taxation and financial
affairs of a large London practice, they inherited a group of worried and financially
stretched doctors who had lost all faith in their previous accountants.
The practice had a non 31st March year-end and, although their accounts reflected
reserves for tax and superannuation, calculation errors by the previous accoun...Read More
Practice in danger of losing cash by failing to claim refunds
Detailed questioning by AISMA accountant Honey Barrett revealed a pattern of
persistent under-claiming at a small medical practice in the South East. The
three-partner GMS practice had been without a practice manager for a year
following the resignation without notice of the previous incumbent.
With no-one focusing on funding claims, matters slipped and it was only when
Honey Barrett started...Read More
Incomplete service record puts big dent in doctor’s pension
A single six month rotation as a house officer in hospital can typically represent £1,000 a year and a tax free lump sum of £3,000 to a GP's pension. However, the doctor will only receive this if the period of service is noted on his or her service record. Consequently, incomplete service records can significantly reduce the amount the doctor receives in retirement.
Take the case of a ne...Read More
Poor financial management puts practice on shaky footing
Concerned about cash-flow and with no helpful advice from his existing accountants
without incurring a large fee bill, the practice manager at this large nine-partner
practice recommended the appointment of AISMA accountant Foxley Kingham.
On preparing the first year's accounts Foxley Kingham came across many
anomalies from the previous year's accounts. These had led to an overstatement of
Checking the monthly payroll can counter employee fraud
The failure by their accountants to identify a long-running employee fraud costing
over £300,000 led this large nine-partner practice to appoint AISMA accountants
Foxley Kingham. The fraud was discovered by the GPs themselves who, realising
that they had not received useful practice advice nor had personal meetings and
financial advice for many years, had completely lost faith in their previ...Read More
VAT can be a complicated business
A lack of clear advice and excessive accounting bills on a regular basis led this
four-partner dispensing practice to appoint AISMA accountant Foxley Kingham on
the basis of a fixed fee.
Early on in the process of preparing the first annual accounts Foxley Kingham noted
that the VAT records and results were significantly out of line compared to their
other dispensing clients. On reviewing th...Read More