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QUARTERLY NEWSLETTER
AISMAÂ Doctor
Newsline
View the quarterly newsletter of AISMA, the Association of Independent Specialist Medical Accountants, which is written for GPs and practice managers.Â
FREQUENTLY ASKED QUESTIONS
FK Medical FAQs
Accountancy is reassuringly simple at FK Medical. Medical finance is a broad area and you may have a question not listed. Our friendly, approachable team are ready to take your call and your question will be anything they can’t answer.Â
How do we change accountants and what is the process?
It is probably as easy to change accountants as it is for a patient to change their GP practice, and certainly should not be a cause for concern in our view. We’ll support and advise you throughout the entire process and get in touch with your current accountant/adviser to organise everything.
We are worried that a specialist adviser may be expensive. How are your fees calculated?
We offer fixed fee packages to GP clients which, depending on the level of service, are charged per partner and are payable monthly. This normally covers all practice and personal accounting and tax, but can be split to cover the practice, with partners invoiced individually for the person work. Additional services are charged based on time incurred, and estimates are given before any work starts so there are no surprises.
How may GP clients do Foxley Kingham Medical Act for? Are there any others in our area who we can contact as a reference?
We currently act for around 250 GPs across 50 practices, as well as numerous GP locums and hospital consultants. Therefore, we are sure to have someone in your area who can provide a reference. Please speak to us for more details.
When is a good time to change accountants?
Any time during the accounting or tax year is a good time to change, provided there are no major projects in hand with the current advisers. This means any time between finalisation of the last year’s accounts and preparation of the current year’s accounts; typically, a window of around ten months. We’ll review the information we receive from your previous advisers and make sure everything is finalised.Â
Updates
Our medical blog
Staying up to date with all relevant finance and business legislation is easy with our insightful, easy-to-read blog. You’ll stay ahead of the curve as well as get valuable tips and advice from the experts about tax and financial planning and running your practice.
The latest set of changes to NHS pensions – the 2024 updates
The latest raft of changes to NHS pensions came into force in April this year, many of which will have an impact on GPs and partner-owned practices. The changes are the most current set made after the findings of the ‘McCloud Judgement’ and resultant ‘McCloud Remedy’...
Pension changes announced in the Budget: What does this mean for you?
Chancellor Jeremy Hunt has announced in the government’s Spring Budget 2023 that the Pensions Annual Allowance (AA) is to increase from £40,000 to £60,000 from 6 April 2023. The adjusted income threshold for the tapered AA will also be increased from £240,000 to...
Changes coming to income tax basis period reform affecting medical practices
The key HMRC reform, which only affects unincorporated businesses, such as partnerships and sole traders, involves moving the calculation of business profits from the ‘current year’ basis to a ‘tax year’ basis. HMRC’s measure was originally put forward as a means of...
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