Accountants for Doctors in Nottingham
Written and reviewed by the Medical Accountants editorial team. Last reviewed .
Nottinghamshire runs from a dense city to genuinely rural country around Newark and Mansfield, and that changes the shape of a practice's accounts more than any other single factor in this region.
Rural practices are more likely to dispense, and a dispensing practice has a stock position, a purchasing cycle and a margin to account for that a city practice simply does not.
Dispensing Practices Around Nottinghamshire
Dispensing income has to be recognised properly, drug purchases matched to it, and stock counted at the year end. Get that wrong and the profit figure moves, which moves every partner's tax and every partner's pensionable profit with it.
It also feeds the annual certificate of pensionable profits, so an error in the dispensing figures does not stay in the accounts. It reaches the pension record and the tax return.
Nottingham City Practices and Teaching Work
In the city the pattern is different: more salaried and sessional GPs, more doctors combining practice work with teaching or research sessions, and more part-year certificates as a result.
Where a doctor holds partner positions in more than one practice, a separate certificate is needed for each, which is set out in our guide to GP superannuation certificates.