PRIMARY CARE NETWORKS
Empowering Networks to support the medical sector.
A primary care network has the responsibility to provide proactive, personalised and coordinated health and care services to the community. With Ramsay Brown, you can be assured you have reliable professionals overseeing financial and business accounting, so that the primary care network can ardently focus on optimising benefits to patients and clinicians.
We are experts in preparing primary care network finances and identifying the most suitable tax-saving approach. Our rock-solid support frees resources and enables primary healthcare services to put their attention on achieving professional excellence, instead of devoting time to financial management.
What Does Primary Care Include?
A primary care network comprises of multiple GP practices, who work in coordination and with the support of nurses and healthcare staff. The main objective is to offer integrated medical services at the local level.
Primary healthcare services have been an important corollary of the NHS since policy changes in 2019. These networks have to maintain accounts and submit a report on funds. The HMRC requires details of surplus funds to be provided by March 31st every year, along with accounts, tax liabilities and surplus funds of each GP practice. A primary care network also has to deal with total NHS rewards and VAT planning.
Issues in relation to VAT exist within all structures but, in particular, in the model of a standalone business. However, these can be overcome with VAT planning and we can assist PCNs in structuring themselves optimally for VAT.
Extensive knowledge of medical accounting practices allows Ramsay Brown to efficiently complete these for primary healthcare services.
Where We Can Help You:
- Formation and financial model creation for primary healthcare services
- Manage financial and estate pressures of a primary care network
- Deploying medical specialist accountants to check and ensure HMRC and NHS financial compliance
- Advise primary care networks on tax liabilities and savings both as a whole and for individual GPs
- Comprehensive VAT support, which includes identifying mitigation and management solutions
- Looking after outsourced and subcontract financial and business accounts
- Assist to create appropriate structure and handle access to the NHS pension scheme for the staff
- Find out the best income-share model to reduce tax liabilities
- Support for GP practices to manage individual financial affairs
Primary care networks are fast evolving and proper and HMRC compliant financial management is key to their success both as a business and a healthcare provider. Our reliability as chartered accountants is sure to add to your success. Don’t hesitate to contact us today!