We provide specialist accountancy and financial planning services to medical professionals across England. We pride ourselves on being a niche firm and with a proven track record in the medical arena and extensive expertise in practice accounts, taxation and NHS Pensions; our fifteen strong team is perfectly placed to support your needs from qualification through to retirement.
The term 'specialists' seems to be everywhere these days and just about everyone purports to specialise in something. However, we truly are 'The Specialist Medical Accountants' when it comes to the medical profession and practice finance.
- GP Practices
- Practice Managers
- Salaried GPs
- Hospital Doctors
- Employed Medical Professionals
- Retired Medical Professionals
Our personalised service is tailored to reflect your specific requirements and we are confident we can provide far superior service to your existing advisors
It’s a very complex area and each client’s position is different. We have just completed a 24hr retirement for a GP who is 58. Taking the pension now rather than at 60 meant he would have to live until 78 to break even by staying in. So as always the maths answer is stay in, the real answer is take the money now. At BW we have both the medical accountancy expertise and our own specialist IFA who is a leading specialist in NHS pensions; working as one team we have our own bespoke modelling tool which enables us to calculate the LTA and AA tax charges for clients. It highlights if you have any problems, should the scheme pay or not. Additionally it can look at retirement and/or 24 hour retirement. You don’t have to wait for the NHS to tell you in arrears about your AA problem, we can give you advance notice and take pre-emptive action!!!
While the contract may possibly have been given to all the practices individually, the key here is that the CCG in placing one contract allows the federation to then manage the quality and consistency across the practices. As a company they can therefore work to help and support the practices to improve quality and consistency of approach, which of course will help eradicate unwarranted/unexplained variation. The knock on effect is a better patient outcome only now across a population, and for practices less duplication of effort, which improves income. Scott McKenzie, NHS Consultant, BW Medical Accountants
A VERY interesting read and a VERY enlightened CCG. This proves that where there is a will, CCGs can now find a way. What is clear here is that where the services are high quality, and there is unlikely to be any improvement in either cost or quality, there is no need to tender.
"I can only endorse the comments made by Dr Kingsland; there should have been no surprise to this and it's a real pity those who are set up and ready to go are still waiting on an answer. There should have been no surprise that there would be plenty of interest as the service always responds positively to opportunities such as this. Hopefully NHS England can now quickly get this turned round and let those who have been successful get on with the pilots." Scott McKenzie - NHS Consultant. BW Medical Accountants
Great initiative, we will share with our medical clients.
We would like to know how many more “anonymous 11.25am's “ there are. Is it any wonder that there is a recruitment crisis!
We fully agree with Dr Hughes comments and await with interest the G.P.C's findings.
BW Medical Accountants.
Congratulations to all the nominees, delighted to see one of our clients on the list.
I'd be shocked if the majority of patients didn't agree with all your thoughts on this. GPs certainly don't hold sole responsibility for people's health needs and I would hope that the majority of practices have a policy in place so all staff can refer to it if they are put on the spot by patients asking to borrow money. The cash reserve fund is a nice idea but above the call of duty in my humble opinion. I imagine it could easily get abused if not monitored closely. In general, I think Patients need to be better educated regarding the role of the GP, but I'm certainly not suggesting that this should be added to your ever increasing workloads!!!!!!
Developing a federated model of General Practice is one option to consider. Anyone interested to hear what's happening in practical terms, you're welcome to join the debate on LinkedIn - GP Federations Group.
Federating is fast becoming the only way practices can hope to cope with bids and tenders. The scale of the work is simply too great for most practices; however, a federated approach covering a number of practices becomes very doable. We are supporting practices nationally and have free guides available regarding the set-up for those interested. www.bw-medical.co.uk
Hundreds of GPs hit by pension scheme errors as accountants warn some face five-figure tax bombshell
No what happens is that the 6 years extra is taken as benefit accrual thus exacerbating the AA and LTA issues. Under HMRC rules the AA does not apply on cases of serious ill health. The HMRC definition is more stringent then NHS but I would appeal to HMRC over this. Kevin Walker, NHS Pension Specialist. Blackett Walker Ltd / BW Medical Accountants Ltd
In complete agreement with Dr Brunet, this surely can't happen... Bonkers!
Practice Managers need to be on their guard given the potential impact on practice cash flow if income is not received.