Doctors & Medical

Medical finances are genuinely unusual: GP partners are self-employed inside a quasi-employment system, drawings and superannuation moving through the practice; consultants stack NHS employment against private practice through companies; locums juggle engagement types with different tax and pension consequences; and over everyone hangs the NHS Pension Scheme — generous, mandatory-feeling, and capable of generating annual allowance tax charges that ambush senior clinicians at exactly the wrong career moment.

Acumon acts for medical professionals and their practices with the sector's specifics as the starting point: practice accounts that partners can actually reconcile to their drawings, personal tax across NHS and private income, and pension tax positions computed before the charges surprise anyone.

GP Practices and Partnership Accounts

Practice accounts are partnership accounting with NHS plumbing: GMS/PMS income streams, QOF and enhanced services, reimbursements and notional rent, superannuation deducted at source and reconciled per partner, and profit-sharing ratios with prior allocations that must tie to what partners actually drew. We prepare accounts partners can interrogate, run current and capital accounts cleanly through joiners and retirements, and handle the partnership return and each partner's personal position as one exercise — including sessional and out-of-practice income.

Consultants and Private Practice

Hospital consultants layering private work over NHS employment face the classic structure question — self-employment versus limited company for the private practice — with medical-specific twists: indemnity and expense deductibility, spouse involvement done properly, and the interaction with pension annual allowance positions that extra income aggravates. We run the company arithmetic honestly per consultant rather than by template, and handle the compliance stack for whichever route wins: accounts, corporation tax, dividends, and the personal return that stitches NHS employment, private profits and investment income together.

The NHS Pension Problem

The scheme's defined-benefit growth is tested against the annual allowance — with tapering for higher earners — and senior clinicians can face five-figure charges in years where extra sessions, pay awards or promotions spike pension growth. We compute positions from Total Rewards Statements and pension savings statements, assess scheme pays elections against personal payment, coordinate with the McCloud remedy's recalculations, and flag the danger years in advance. We stop firmly at the regulated boundary: retirement and investment decisions belong with an IFA, and we work alongside yours rather than around them.

Locums, Registrars and Portfolio Careers

Locum work spreads across agency engagements, direct sessions and out-of-hours platforms — each with different tax, pension access and IR35 exposure — and modern medical careers mix them freely. We keep the whole picture in one place: correct treatment of each income stream, expenses claimed within the medical-specific rules (professional fees, exams, indemnity), pension contributions credited properly across engagement types, and payments-on-account forecasting so the tax bill never arrives as a shock between placements.

What You Get With Acumon

• GP practice accounts with per-partner superannuation and drawings reconciliation
• Partnership changes — joiners, retirements, mergers — handled cleanly
• Consultant private-practice structuring: company vs self-employment, honestly computed
• Annual allowance and pension tax positions calculated before the charge lands
• Scheme pays elections assessed and coordinated, including McCloud remedy effects
• Locum and portfolio income kept correct across engagement types
• Medical-specific expense rules applied fully: indemnity, exams, professional fees
• Coordination with your IFA — pension tax computed here, advice regulated there

Why Acumon for Doctors & Medical?

• Healthcare audit and advisory experience across the wider firm
• Many of the firm's qualified tax advisors previously worked for HMRC
• All 90 of the firm's professionals are based in the UK
• Pension tax computation handled in-house, coordinated with regulated IFAs

Get a Fixed-Fee Quote

Tell us what you need and we'll come back within one business day with a clear scope and a fixed price — no hourly-rate surprises. Call 020 8567 3451 or use the form and we'll be in touch.