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Specialist accountants for Understanding GP Practice Accounts · Fixed fees · Free first call
Understanding GP practice accounts: a plain-English guide
GP partnership accounts look different from ordinary business accounts. NHS income streams, pension contributions and each partner's share all need to be read together.
How do I read GP practice accounts?
Start with income by source (contract payments, QOF, enhanced services, PCN and private work), then expenses, then the profit split in the partners' appropriation. The balance sheet shows each partner's current and capital account, which tells you what has been drawn and what is owed.
Fixed fees, specialist healthcare accountants, and every HMRC and NHS Pensions deadline handled.
- Fixed monthly fee, no surprises
- Specialist in NHS pension and healthcare tax
- Onboarding within 48 hours
- ICAEW & ACCA regulated
- 5,000+ clients served by ACCOTAX
- Specialist healthcare accountants
Reviewed by Waqas Sagar ACA FCCA FMAAT, Founder of ACCOTAX, 18+ years' experience · Last reviewed: 8 October 2026 · Updated for the 2026/27 tax year
Medical.Accountants by ACCOTAX, ICAEW/ACCA-regulated chartered accountants, London, serving clients across the UK. Over 5,000 clients served.
Key takeaways
- We set up the company, payroll and bookkeeping; we do not write your CQC or regulator application.
- Fixed fee for start-up work, agreed in writing before work starts.
- One named accountant from your first forecast to your first year-end.
Reading GP accounts step by step
- Check income by NHS and private source
- Review staff and premises costs
- Read the profit appropriation by partner
- Check current and capital accounts
- Compare with last year and peer practices
Free guide: The Doctor's Tax & NHS Pension Handbook 2026/27
Get the free guideWhich accountancy support fits your income?
Start with how you are paid. Different income sources can need different accounts, returns and expense checks.
| How you work | What we check | Support to explore |
|---|---|---|
| Employed or umbrella (PAYE) | Tax codes, eligible employment expenses and whether a tax return is needed. | Healthcare tax refund support |
| Genuinely self-employed | Business income and expenses, Self Assessment and MTD eligibility. | Healthcare Self Assessment service |
| Your own limited company | Company accounts, Corporation Tax, director income and off-payroll status where relevant. | Healthcare limited company accounts |
| Partnership | Practice accounts, allocated profit and each partner’s personal tax position. | Healthcare partnership accounts |
Sound familiar?
Problems we fix for GP partners and practices
- "Our partnership accounts and profit shares are a headache every year."
- "The Type 1 certificate and pension year-end deadline always sneak up on us."
- "I've received an annual allowance charge letter."
- "Partners draw too much and there's nothing left for tax."
- "A partner is leaving and a new one is joining."
- "Reconciling PCN and ARRS funding takes forever."
What it's costing you
Leaving it unfixed is rarely free
- Overpaid tax
- Unclaimed expenses and wrong tax codes mean paying more than you owe, year after year.
- HMRC penalties and interest
- Late returns attract automatic penalties, plus interest on tax paid late.
- Lost evenings
- Hours spent on forms, invoices and spreadsheets after a long shift.
General examples, your position depends on your own figures.
How we solve it
What we actually do for you
Partnership accounts
Clear profit-share schedules and accounts every partner understands.
Pension certificate service
Type 1 and Type 2 certificates prepared ahead of the deadline.
Drawings planning
Monthly drawings set against a realistic tax reserve.
PCN reporting and payroll
ARRS reconciliation and practice payroll run for you.
How we help
01
Company set-up and structure
Sole trader or limited company, shareholders, bank account and registration for VAT, PAYE and Corporation Tax, done before your first client.
02
Business plan figures
Start-up costs, cash-flow forecast and break-even point prepared for your lender, landlord or regulator application.
03
Payroll and year one accounts
Payroll with pension auto-enrolment, bookkeeping set up on Xero or QuickBooks, and your first accounts and tax returns at a fixed fee.
Your questions answered
Why are partners' pension contributions shown separately?
GP partners pay NHS Pension contributions on their practice profits, often deducted from NHS payments. The accounts allocate them to each partner so the annual pension certificate and tax returns agree.
Check the official guidance · www.gov.ukHelp with this question: NHS Pension Tax & Annual Allowance for Doctors & Healthcare Professionals
Help with this question: Partnership Accounts for Doctors & Healthcare Professionals
Want us to check this for you? Get a free review →What is notional rent in GP accounts?
A payment from the NHS towards premises the partners own. It is income to the practice and is usually allocated to the property-owning partners.
Want us to check this for you? Get a free review →What do partnership accounts include?
Partnership accounts include a profit and loss account, a balance sheet, and individual capital accounts for each partner. They show the total income generated and how profits are shared according to the partnership agreement. These accounts form the basis for the partnership tax return. They do not currently fall under the MTD for Income Tax rules starting 2026.
Help with this question: Partnership Accounts for Doctors & Healthcare Professionals
Want us to check this for you? Get a free review →How much should partners reserve for tax?
Partners should typically reserve enough to cover their semi-annual payments on account due on 31 January and 31 July. Each payment is normally half the previous year's total tax liability. It is prudent to set aside a percentage of monthly drawings based on expected tax rates. We provide guidance to help partners estimate these future liabilities.
Help with this question: Partnership Accounts for Doctors & Healthcare Professionals
Want us to check this for you? Get a free review →What happens when a partner leaves?
When a partner leaves, the practice must calculate their final share of profits and capital account balance up to the cessation date. The partnership agreement usually dictates how the buyout is funded and over what period. The leaving partner must report their final profit share on their personal tax return. We assist practices with these complex transitions.
Help with this question: Partnership Accounts for Doctors & Healthcare Professionals
Want us to check this for you? Get a free review →Quick quote
See what you could save, get a fixed fee in one working day
Three fields. No obligation. A specialist replies, not a sales team.
Packages for your working life
Accountancy packages for GPs
Self-employed income, a limited company, PAYE or a mixture: start with the support that matches how you actually work. We check your status and agree the scope and fee before starting.
Self-employed accountants for GPs packages
For genuine sole-trader income. We prepare your business accounts and Self Assessment, review allowable expenses and explain payments on account.
- Sole-trader accounts and personal tax return
- Allowable business expenses reviewed
- Tax reserve and payment deadline guidance
- MTD support scoped separately where required
Fixed fee quoted after a review
Discuss this packageMedical accountants for GPs: limited company packages
For clinicians working through their own company. Choose Essential/Compliance, Core/Complete or Growth according to your accounts, bookkeeping and payroll needs.
- Statutory accounts and Corporation Tax return
- One director return for salary and dividends from the same company
- Confirmation statement support; filing fee extra
- Bookkeeping, VAT and payroll according to your chosen plan
Company packages from £45.83 + VAT / month
Compare company packagesPersonal tax return packages for GPs
For employed clinicians, partners and people with mixed income who need a return. We check whether Self Assessment is required and reconcile the relevant income, expenses and pension tax information.
- Self Assessment requirement checked
- PAYE and other income reconciled
- Eligible employment expenses reviewed
- Pension tax work agreed separately where needed
Fixed fee quoted after a review
Discuss this packageEmployment status is determined by the facts, not the package you choose. PAYE, umbrella and partnership arrangements may also apply. A limited company does not override IR35 or off-payroll rules, and not every employed clinician needs a tax return.
Overpaid tax?
Tax refund support for GPs
We review tax codes, eligible professional expenses and overpaid tax, then prepare a claim where you qualify. A refund is not guaranteed; HMRC decides the claim.
£249 + VAT
For refunds up to £5,000, our fee is £249 plus VAT. For refunds above £5,000, add 5% of only the amount above £5,000 to the £249 fee. VAT applies to the total professional fee.
Example: a £6,000 refund means £249 + £50 = £299 plus VAT.
Professional fee, excluding VAT
£249
This illustrates the fee only, not whether you qualify or how much HMRC will refund. We agree the claim scope and payment terms before work starts.
What's included
Limited company packages, compare what's included
Essential/Compliance
For locums, salaried GPs and dentists with a limited company
from £45.83 + VAT /month
- FRS 105 or FRS 102 1A statutory accounts
- Corporation tax return (CT600) and tax computation
- Confirmation statement preparation and filing support
- One director Self Assessment return
- Deadline reminders ahead of every filing date
Core/Complete
For private practice, consultants and associate dentists
from £62.50 + VAT /month
- Everything in Essential/Compliance
- Monthly bookkeeping and bank reconciliation
- Quarterly Making Tax Digital VAT returns
- Director payroll with RTI filing and pension submissions
- Quarterly review call on numbers and tax position
Growth
For clinics, dental practices and growing medical teams
from £75.00 + VAT /month
- Everything in Core/Complete
- Payroll for up to five employees
Prices exclude VAT. Making Tax Digital quarterly updates available as an add-on. Compare fees
Why clinicians trust us
Chartered accountants who know the NHS
- ACCOTAX has served over 5,000 clients.
- Regulated chartered accountants (ICAEW and ACCA).
- Founded by Waqas Sagar ACA FCCA FMAAT, with 18+ years' experience.
Reviewed by Waqas Sagar ACA FCCA FMAAT
Chartered accountant and founder of ACCOTAX. Last reviewed October 2026.
Get my fixed-fee quoteHow it works
- 01
Free call
A 15-minute chat about your income, structure and deadlines.
- 02
Onboarding in 48 hours
We set up your records, software and HMRC agent access.
- 03
We handle the rest
HMRC, NHS Pensions and every deadline, with reminders before each one.
Free resource
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Book a free 15-min tax reviewRelated healthcare expertise
Specialist vs general accountant: cost compared for doctorsAccountant for doctors and GPs across the UKMedics Money accountant directory: how our £45.83/month package comparesTax refund service for doctors: £249 + VATNHS Pension Tax & Annual Allowance for Doctors & Healthcare ProfessionalsPartnership Accounts for Doctors & Healthcare Professionals
General information for the 2026/27 tax year, prepared from the official guidance linked below. It is not personalised tax or regulated financial advice. Rules and circumstances can change; confirm your position before acting.
Official sources referred to on this page: NHS England: GP contract; NHSBSA: Annual certificates of pensionable profit.