Medical accounting

Medical practices and practitioners 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 profession.

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

Our team of specialist medical accountants, the largest in East Anglia, looks after the finances of 550 GP partners and 125 practices in the UK. We also provide a full healthcare accounting service for consultants, locums, salaried GPs, other medical professionals and private health companies.

Our services include annual accounts and tax returns, personal taxation, pension contributions, partnership changes, capital tax planning, benchmarking, profitability monitoring and administration (including bookkeeping and payroll). We'll keep you up to date with legislation making sure you meet all contractual requirements.

We provide:

  • A free initial meeting with no obligation
  • One-on-one contact with a named partner and client manager
  • A yearly meeting to review your business and accounts
  • Cloud accounting for easy access, adaptability and security

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

In 2014, Larking Gowen merged with specialist medical accountants Hubbard Lloyd. The firm was set up by David Hubbard and Lizzy Lloyd in 2005, serving eastern England and London, and joined with Larking Gowen to meet the needs of a growing client base.

  • GP practices

    Larking Gowen offers expert advice and support on every aspect of financial management for GP practices. We'll help you grow your practice, manage change and maximise income, allowing you to concentrate on providing the best possible care for your patients. Our guarantee of personal service means you'll have a named partner and a named client manager looking after your business. Our cloud accounting systems give convenient access to your information and will easily adapt to any changes in your business.

    Larking Gowen will help you with all the GP accounting and financial support you need to manage and evolve your practice including:

    Preparing annual accounts

    • Personal expenses
    • Tax savings
    • Compliance and regulation (including IP35 legislation)
    • Pensions - NHS and personal
    • Practice administration - payroll, bookkeeping, training, budgeting, cash flow
    • Benchmarking statistics - to identify areas of profit improvement
    • Partnership agreements
    • Working capital requirements
    • Partnership changes
    • Partner drawings
    • VAT
    • Working closely with your solicitor and financial planner/adviser
  • Consultants

    Larking Gowen offers tailored packages for more than 160 NHS consultants both for those who run a private practice on a self-employed basis, as well as those who are employed. We can give you general business advice and help you with your personal tax arrangements.

    We also act for a number of consultant groups operating through partnerships, LLPs and companies.

    We'll give you all the business and tax advice and support you need to run your private practice in conjunction with your NHS consultancy work.  We can help with:

    • Preparing annual accounts
    • Tax returns
    • Personal expenses
    • Calculation of tax liabilities
    • Tax planning advice
    • NHS pension check
    • Advice on annual and lifetime allowance
    • Practical business advice on starting out in private practice
    • Trading structure review
    • Administration support - payroll, bookkeeping, training, budgeting, cash flow
    • Assist your business with the transition to Making Tax Digital
    • Advice on annual and lifetime allowances
    • Access to our network of specialist medical financial advisers
    • Specialist technical advice in relation to your tax affairs, including capital gains tax and inheritance tax
  • Locums

    As a locum doctor, expert advice is important when you choose your trading structure, whether it's on a self-employed basis, as a limited company or in partnership. At Larking Gowen we have decades of combined experience looking after the accountancy needs of locums. If you're setting up in business or self-employment, we can give you examples of financial comparisons to help you make the right decisions. We also give advice on becoming a GP principal, providing you with specific reviews of practice accounts.

    Larking Gowen will give you all the financial support you need as a locum doctor including:

    Annual accounts and tax returns

    • Advice on tax liabilities
    • National insurance
    • Advice on tax planning and tax savings
    • Pension contributions (NHS and private)
    • Personal expenses
    • Record keeping
    • Advice on annual and lifetime allowances
    • Advice on becoming a GP principal
  • Salaried GPs and medical professionals

    Larking Gowen helps hundreds of salaried GPs and other employed medical professionals keep their tax, national insurance and pension arrangements up to date. We can advise on becoming a GP principal, providing you with specific reviews of practice accounts. We'll also help you with claiming tax relief on professional fees and subscriptions. Newly qualified GPs can claim tax relief for training costs and exam fees.

    Larking Gowen will give you all the financial support you need as a salaried GP or medical professional including:

    Tax returns

    • Advice on tax liabilities
    • National insurance
    • Pension contributions (NHS and private)
    • Personal expenses
    • Annual and lifetime tax allowances
    • Access to specialist medical financial advisers
    • Advice on becoming a GP principal

     

  • Private health companies

    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. We also have experience setting up and managing companies providing private health services such as out-of-hours co-operatives and practice-based commissioning groups. Our specialist medical knowledge and corporate expertise means we're able to provide a comprehensive service for private health firms.  

    Larking Gowen will give you all the financial support you need as a private health company 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 contributions (NHS and private)
    • Personal expenses