Doctors work in an environment where accuracy and professionalism are non-negotiable. From managing NHS pensions to handling private practice accounts, your financial matters deserve the same level of expertise you bring to patient care. We specialise in working with medical professionals across the UK, creating a strategy that fits your needs—whether you’re a salaried GP, a consultant, or a locum doctor.
With over 70% of UK doctors relying on professional accounting services, the demand for industry-specific expertise is clear. At pearl lemon accountants we’re here to provide actionable, jargon-free solutions that ensure your finances are in top shape without adding stress to your already demanding schedule.
Our Framework for Medical Professionals
Managing the financial landscape as a medical professional requires specialised knowledge. Our framework addresses the unique needs of doctors across the UK.
Taking the Stress Out of NHS Pension Management
Managing your NHS pension isn’t just about making contributions—it’s about understanding Annual Allowance limits, reconciling Scheme Pays elections, and keeping up with the evolving tax landscape. Did you know that over 40% of NHS doctors breach their Annual Allowance, incurring unexpected tax penalties? That’s where we step in.
Our approach ensures you don’t leave anything to chance. We handle the numbers, flag potential penalties early, and provide clarity around the complexities of pension growth, tax relief, and lifetime limits—because mistakes here can cost thousands in unnecessary taxes.
- Assistance with Annual Allowance calculations to avoid penalties.
- A strategy to deal with Lifetime Allowance charges and Scheme Pays elections.
- Reviews of your Total Rewards Statement (TRS) for complete accuracy.
For Locums and Private Practitioners – Keep What You Earn
Locums face unique challenges when it comes to managing income. With IR35 regulations tightening, nearly one-third of locums faced penalties in 2022 due to misclassification. Add to that mileage claims, fluctuating contracts, and equipment purchases, and it’s easy to see why professional help is essential.
We specialise in helping locum doctors and private practitioners manage their finances while ensuring every possible tax relief is applied. Our familiarity with HMRC regulations, along with tools like digital expense tracking and profit models, gives you full control of your earnings.
- IR35 compliance checks for every contract you sign.
- Maximisation of allowable expenses such as equipment, travel, and subscriptions.
- Strategies for long-term income and expense management for private practices.
Integrated Tax Planning for Medical Professionals
Medical professionals often have multiple income sources—from NHS salaries to private practice work or consultancy. This complexity demands a cohesive tax strategy to avoid overpayment. In 2023, over 25% of medical professionals overpaid on taxes due to incorrect calculations, underscoring the need for specialised guidance.
We provide solutions that unify your income streams while ensuring legal deductions are utilised to their fullest. From R&D tax credits to allowable reliefs, we guarantee nothing is overlooked.
- Integrated tax strategies for salaried NHS doctors with additional income.
- Guidance on claiming overlooked deductions like professional body memberships.
- Tax credit applications for private practices investing in innovative patient care systems.
Payroll and Bookkeeping for Medical Practices Made Simple
Managing payroll for medical staff requires more than basic bookkeeping knowledge. With salaried employees, locums, and administrative staff in the mix, practices need precise calculations and real-time reporting. Approximately 35% of GP practices faced payroll compliance issues in the last financial year, often resulting in fines.
We use tools designed for medical professionals, ensuring every payslip and report meets HMRC standards. Whether you’re managing locum payments or salaried staff bonuses, we’ll ensure nothing is missed.
- Digital bookkeeping tools for transparent, real-time data access.
- Full-service payroll management for GP practices.
- VAT registration support for growing private practices.
The Tools You Need to Manage Your Finances
Managing finances as a medical professional requires more than just spreadsheets and calculators. Our services include state-of-the-art accounting software, specialised financial reporting, and designed advisory services to ensure informed decision-making at every stage of your practice.
Specialised Reporting Services
Gain access to in-depth reports designed for medical professionals, breaking down expenses, income, and overall practice profitability
Expense Tracking Software
Track everything from mileage claims to equipment purchases with ease. Studies show that proper expense tracking saves doctors an average of £5,000 annually.
R&D Tax Credit Applications
Private practices investing in better patient care methods can claim substantial reliefs. In 2023, over £11 billion in R&D tax credits were granted across the UK.
Advisory for Private Practices
From restructuring finances to planning for expansion, we offer advice designed to the needs of independent practitioners.
Frequently Asked Questions
We understand that as a medical professional, managing multiple income streams can be complex. Our expert tax planning services ensure you’re maximising legal deductions, such as R&D tax credits and allowable reliefs, helping you reduce overpaid taxes. With our expertise, we ensure no deductions are overlooked, saving you money year after year.
Our services are designed specifically for medical professionals, addressing the unique challenges of NHS salaries, private practice income, and consultancy work. We offer integrated tax strategies that unify your income streams, making tax filing easier and more efficient. We also provide in-depth financial reporting and advisory services to help you make informed decisions about your finances.
Proper expense tracking can save you thousands annually. Our expense tracking software helps you manage everything from mileage claims to equipment purchases effortlessly. By staying organized and tracking expenses accurately, studies show that doctors can save an average of £5,000 per year. Let us streamline this process for you so you can focus on what matters most—your practice.
Yes, we can. If your private practice is investing in innovative patient care systems or conducting research and development, you may qualify for substantial R&D tax credits. In 2023, over £11 billion in R&D tax credits were granted across the UK, and we’re here to ensure you’re claiming your fair share. Let us guide you through the application process and maximise your potential refund.
Our advisory services are specifically designed to independent medical practitioners. Whether you’re looking to restructure your finances, expand your practice, or optimize your business operations, we provide expert guidance to help you plan for the future. We work with you to create a sustainable financial strategy that supports your practice’s growth and long-term success.
Let’s Talk About Your Financial Health
Every doctor knows the importance of regular check-ups. Your finances deserve the same level of care. Whether you’re facing IR35 uncertainties, tackling pension issues, or managing multiple income streams, our services are here to make things easier.
Book Your Free Financial Assessment Today – Take the first step towards clarity and control.
