Medical Profession

From a financial perspective, the medical profession is arguably one of the most complex and regulated sectors in the UK. The combination of NHS reforms, private healthcare growth, multiple income streams, and intricate pension arrangements means that doctors, consultants, and other healthcare professionals require specialist accounting and tax advice that reflects the unique challenges of their profession.

At Holland & Co Chartered Accountants, we have built a strong reputation for providing comprehensive financial, tax, and business advisory services to medical professionals. Our experience extends across general practice, private clinics, hospital consultants, locum doctors, dentists, and other healthcare specialists.

We understand the financial pressures and administrative complexities faced by those working in the medical field — and our goal is to help you achieve financial clarity, compliance, and long-term stability while allowing you to focus on patient care.

Expert Financial Support for Medical Professionals

Through many years of working with clients in the medical sector, we have accumulated extensive experience in dealing with a broad range of accounting, taxation, and business issues, including:

  • NHS Reimbursements and Claims
    We assist with the preparation and submission of claims for NHS reimbursements and allowances, ensuring that payments are accurate and received promptly. This includes advice on expense claims, practice funding, and reconciling payments from NHS England or Clinical Commissioning Groups.

  • Multiple Income Streams
    Medical professionals often receive income from diverse sources such as:

    • NHS salary or locum PAYE income

    • Private practice or consultancy work

    • Advisory panels, medico-legal work, and teaching commitments

    • Partnership distributions and profit shares
      We ensure that all income is correctly recorded, apportioned, and taxed appropriately, while also identifying legitimate business expenses to reduce your overall tax liability.

  • Partnership and Practice Arrangements
    For those operating in partnerships or group practices, we provide detailed advice on income-sharing agreements, profit allocation, expense management, and joint ownership of premises. We also assist in the preparation of partnership accounts, capital structures, and partnership tax returns.

  • Self-Employment and NHS Pension Scheme Membership
    Many doctors are classed as self-employed yet contribute to the NHS Pension Scheme, creating a complex overlap of employment and self-employment rules. We advise on pension contributions, superannuation payments, and how to optimise your tax position while remaining compliant with both HMRC and NHS Pension regulations.

  • Private Practice Accounting and Incorporation
    We advise private consultants and practice owners on the advantages and implications of operating through a limited company, including tax efficiency, liability protection, and administrative requirements. We also provide tailored bookkeeping and management reporting services through KashFlow, Xero, or QuickBooks, ensuring efficient and accurate financial management.

  • Tax Planning and Compliance
    Our tax specialists work proactively to minimise your tax exposure by reviewing your overall income structure, expense claims, and investment strategy. We provide guidance on capital allowances, car expenses, and timing of income recognition to optimise your position year after year.

Specialist Services for Healthcare Practices

For GP surgeries, dental practices, and private clinics, effective financial management is critical to sustaining profitability and meeting regulatory obligations. Our services include:

  • Preparation of annual accounts and NHS partnership statements

  • Cashflow forecasting and budgeting for practice development

  • Advice on VAT registration, especially where private income thresholds are approached

  • Support with CQC compliance and financial governance requirements

  • Assistance with property purchase, financing, and ownership structures for medical premises

  • Payroll and pension administration, including auto-enrolment compliance for practice staff

Long-Term Financial Planning

Beyond day-to-day accounting, we also assist medical professionals with strategic financial planning — including retirement planning, investment management, and estate preservation. Many doctors have irregular income patterns and complex pension entitlements; our team provides personalised projections and advice to ensure your retirement planning is both secure and tax-efficient.

We also advise on Inheritance Tax (IHT) planning and trust structures, allowing you to preserve and pass on wealth to your family while mitigating tax liabilities.

Why Choose Holland & Co

Our long-standing relationship with the medical profession means we understand not only the financial but also the operational realities of working within the NHS and private sectors. We combine deep technical expertise with practical insight, offering proactive advice that helps you:

  • Maximise income and manage tax efficiently

  • Maintain full compliance with HMRC and NHS rules

  • Improve the profitability and sustainability of your practice

  • Secure long-term financial independence and peace of mind

Our use of cloud-based systems such as KashFlow, Xero, and QuickBooks ensures that you always have access to accurate, real-time financial data — enabling better decision-making and simplified compliance with Making Tax Digital requirements.

Contact us today to discuss how we can help you put your practice on a sound financial footing. Whether you are an NHS consultant, GP partner, or private practitioner, our dedicated medical accounting team will provide the professional insight and financial support you need to manage your affairs effectively and plan confidently for the future.