Improving financial performance and profitability
At MGT, we recognise the value and contribution provided by practice managers. We work closely with them to build a more efficient and profitable practice, whilst easing the pressure upon the principals. Through our experience in medical accounting, we can identify tax saving and planning opportunities so that you can build a stronger, healthier practice. And because we appreciate the time pressures involved in running a practice our advice will be concise, pertinent and effective.
Our Services include
We are ready to:
Go Back ↻At MGT, we recognise the value and contribution provided by practice managers. We work closely with them to build a more efficient and profitable practice, whilst easing the pressure upon the principals. Through our experience in medical accounting, we can identify tax saving and planning opportunities so that you can build a stronger, healthier practice. And because we appreciate the time pressures involved in running a practice our advice will be concise, pertinent and effective.
We will work around your schedule and make ourselves available for appointments when it is convenient to you, responding promptly and personally to any query you may have.
Cost effectiveness
- Practice Financing - Practice and surgery financial structure.
- Taxation - Tax planning to minimise liabilities, partnership and personal returns
- Partnership Agreements - Advice on partnership agreements.
- Profit Sharing - Optimising profit allocation.
- Management Accounts - Preparation and interpretation.
- Accountancy - Fast and efficient accounts preparation.
- IT and computerisation - Making technology work for you.
- Practice Management - Practice development opportunities advice, planning and budgeting.
- VAT Planning - for dispensing and surgery owning practices
- Our services are not just for Doctors in practice
What are my options as a Locum Doctor
| Operate through a Limited Company | Working through PAYE Umbrella |
| Positive Points to be happy with | Positive Points to be happy with |
| The most tax efficient way of performing the work | Easy to use and operate |
| Can claim a variety of expenses | All taxes and NI contributions are deducted in advance |
| Registration under VAT flat rate scheme and subsequent benefits | Suitable for short term contracts |
| Complete control of your financial matters | Suitable for short term contracts less than 25K per year |
| Easy to run as long as you have a good accountant to do the necessary things in the right way | Good if you are unsure if contracting is for you and you're really just in between permanent jobs. |
| Availability of tax planning opportunities | Agency will do the paper work for you and you will have no tax planning opportunities available |
| Things to know a bit further | Things to know a bit further |
| Time to arrange your paper work and other administration tasks | Your final payment will be subject to PAYE and NI |
| Can be expensive at times especially if a lot of short -term work is carried out. | Umbrella company will collect the money from the client |
| Might not be suitable for contracts less than £25k per year. | No paper work to arrange or admin work to be performed |
- Prepare your annual tax returns;
- advise on claims and planning opportunities; and
- provide independent financial advice.
- specialist advice need not be expensive