Physicians Accounting
UK physicians in private practice must manage NHS pension contributions (including the annual and lifetime allowance implications), mixed NHS and private income streams, partnership accounting for GP surgeries, superannuation contributions, and the complexities of medical indemnity insurance costs. Locum physicians face additional challenges around employment status and expense claims.
Our physician accounting services cover NHS pension scheme management, partnership profit sharing and tax returns, private practice income reporting, superannuation calculations, medical indemnity cost tracking, locum income and expense management, and personal tax planning to optimise income across NHS and private sources.
What's Included
Comprehensive services tailored to your industry needs
Industry-Specific UK Expertise
Key UK Challenges
Complexities you face
- Managing multiple income sources — NHS salary, private practice, medico-legal work, and NHS pension
- Calculating NHS Pension annual allowance — standard £60,000 with tapered reduction for high earners
- Navigating partnership accounting complexities including seniority payments, notional rent, and profit shares
- Tracking superannuation contributions and understanding their interaction with pension annual allowance
- Determining employment status of locum physicians — employed vs self-employed tax implications
- Claiming professional expenses — GMC registration, medical indemnity, BMA subscriptions, CPD costs
Tax Considerations
HMRC rules & reliefs
- NHS Pension — annual allowance £60,000, tapered to £10,000 for adjusted income over £260,000
- Scheme Pays — NHS Pension can pay annual allowance charge, but this reduces retirement benefits
- Tapered annual allowance — threshold income £200,000 and adjusted income £260,000
- Self Assessment — all physicians with NHS pension and private income must file annual returns
- Partnership taxation — profit share taxed as self-employment income with Class 2 and Class 4 NIC
- BMA recommended expenses — agreed list of allowable deductions for employed NHS doctors
How We Help
Our tailored solutions
- NHS Pension annual allowance calculations with threshold and adjusted income modelling
- Scheme Pays election advice and pension benefit impact analysis
- Partnership profit share computations and individual partner Self Assessment returns
- Private practice income reporting and expense claims
- Locum income management with IR35 status reviews where applicable
- Comprehensive Self Assessment preparation covering all physician income sources
Ready to Simplify Your Physicians Finances?
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