Medical Accounting and Advice

Our team of specialist medical accountants, the largest in East Anglia, looks after the finances of hundreds of GPs (including partners, salaried and locums), hospital doctors, primary care networks, federations and over 160 GP practices.

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NHS Pension Schemes update October 2024

Members of the NHS Pension Schemes will have received, or will shortly be receiving, a remedial pension saving statement from NHS Pensions, detailing the amended growth in the 1995/2008 and 2015 schemes between 1 April 2015 to 31 March 2022. Action may need to be taken as a result of receiving this statement, in that members would need to inform HMRC of any changes to previously reported annual allowance tax charges, or report details of a new charge. There are differing deadlines depending on individual circumstances, but the first deadline is 31 January 2025 and therefore prompt action should be taken.

The McCloud remedy will impact anyone who transitioned to the 2015 pension scheme when it was introduced on 1 April 2015, or at a later date if you had tapered protection. As this transition was ruled to be age discriminatory, members' benefits have been amended to revert membership from the transition date through to 31 March 2022 back into the legacy (1995/2008) scheme, which has led to the pension growth figures needing to be recalculated and the remedial statements being sent to members.

If you have received a statement from NHS Pensions, please do get in touch and we can discuss next steps with you.

Click on the icons below to find out how we can help you:

Larking Gowen's comprehensive medical accounting and tax advice services allow health and medical professionals more time to spend on their patients.

Medical professionals, including GP practices, GP practitioners, Primary Care Networks and hospital doctors, have unique accounting needs. Ongoing changes in NHS structure and regulations make this a complex area that takes up valuable time and energy for people in the medical profession.

Larking Gowen is a member of AISMA (Association of Independent Specialist Medical Accountants).

We provide a full service offering, including annual accounts preparation, bookkeeping, partnership and personal taxation, pension guidance and reviews, and benchmarking.

We provide:

A free initial meeting, with no obligation
Contact with a named partner and client manager
A personalised service based on your requirements
Digital accounting for easy access, adaptability and security
Periodic updates throughout the year on relevant changes through webinars, podcasts, blogs and newsletters

Scroll through our webinars below:

Webinar

Understanding the NHS pension scheme for GPs

In this medical webinar, medical specialists Lizzy Lloyd, Andrew Burwood and Louise Dean help GPs understand the basics of how their pension is built up within the NHS pension scheme.

Webinar

Understanding the NHS pension scheme for hospital doctors & non-GP principals

This presentation covered understanding the basics of how your pension is built up within the NHS pension scheme.

Webinar

Tax charges in relation to the NHS pension scheme for GPs

A series of webinars on the NHS pension scheme, covering the basics, the obligations, the McCloud remedy, tax charges, lifetime allowance and access. There will be separate webinars focused on GP's, hospital doctors, and non-GP principles.

Webinar

Tax charges in relation to the NHS pension scheme for hospital doctors

Specialists Andrew Burwood and Louise Dean discuss the tax charges in relation to the NHS pension scheme for hospital doctors and other non GP principles

Webinar

Is a corporate structure the best for the medical sector?

Medical specialist George Crowe presents on the pros and cons of a company structure and detail the circumstances in which a company can be used.

Webinar

GP practices: Beginning your cloud accounting journey

Digital experts from our medical team presented a webinar and talked through key areas to be considered when setting a GP practice up on the cloud.

Webinar

Maximising tax claims for GPs

Medical specialists Lizzy Lloyd and Jamie Butcher presented a back to basics review of personal expense claims for GP's

Webinar

Maximising tax claims for hospital doctors & private practices

Medical specialists Louise Dean and Jamie Butcher presented an overview of tax considerations including; what expenses can be claimed and how they reduce taxable income and considerations around setting up a limited company for private practice

Webinar

Primary Care Networks – where are we now?

This webinar covered current funding, VAT exposure, how Clinical Directors are remunerated, the pros and cons of operating through a limited company, and the future of primary care.

We also offer accounting services to:

Primary Care Networks

Larking Gowen's comprehensive medical accounting and tax advice services allow health and medical professionals more time to spend on their patients.

Medical professionals, including GP practices, GP practitioners, Primary Care Networks and hospital doctors, have unique accounting needs. Ongoing changes in NHS structure and regulations make this a complex area that takes up valuable time and energy for people in the medical profession.

Larking Gowen is a member of AISMA (Association of Independent Specialist Medical Accountants).

Federations

Larking Gowen has wide experience helping clients set up GP-providing companies and federations to bid for NHS contracts. These firms keep local care and health services in the hands of GPs.

Our specialist medical knowledge and corporate expertise means we're able to provide a comprehensive service, including support re access to NHS Pension schemes.

Larking Gowen will give you all the support you need, in accounting and financial matters, including:

Annual accounts and tax returns
Advice on corporation tax liabilities
Tax planning advice (including VAT)
Administration (including bookkeeping and payroll)
Company secretarial service
Pension scheme access and contributions (NHS and private)

Pharmacies

Larking Gowen acts for a number of pharmacies and we can offer advice to support the financial management of the pharmacy. You will have a named partner and client manager to assist you with day-to-day enquiries and provide support throughout the year, including:

Preparing annual accounts, including a breakdown of PPD income, and review of gross profit percentage.
Advice on tax liabilities
Tax planning advice
Reviewing VAT and appropriateness of calculation method used.
Assistance with producing templates for reporting KPI’s

Relevant Insights

Brochure

Ask us!

In this brochure, we answer your questions surrounding tax, pensions or accounts.

Blog

Do I need to complete a Self Assessment tax return?

Knowing when you need to complete a tax return is your responsibility. Read our blog to find out who needs to file a return, how to register for Self Assessment and what to do if you no longer need to file a tax return.

Webinar

Medical webinar - Primary Care Networks – where are we now?

This webinar covered current funding, VAT exposure, how Clinical Directors are remunerated, the pros and cons of operating through a limited company, and the future of primary care.

Blog

New pay scales for NHS consultants in 2024 – are they all good news?

George Crowe, Senior Manager and specialist medical accountant, looks at the new pay scales for NHS consultants. He highlights how an increase in pay could come with some unwanted tax burdens and how to make the most of personal allowances.