Services for Medical Practitioners

HSOC act as accountants and tax advisors for a significant number of medical practitioners. In addition, we have a long-standing relationship with the Irish Medical Organisation and have acted as auditor for that body for more than 15 years.

Due to our extensive experience, we understand the specific tax and accounting issues faced by medics – recent hot topics include:

• Payroll issues surrounding the engagement of locums – In recent times, Revenue have taken a hardline approach, insisting that the vast majority of locums should be regarded as ‘employees’ of the practitioner, with full payroll deductions operated. This has caused huge difficulties for many GP and pharmacy practices and for the locums themselves. We have dealt with a number of Revenue audits and enquiries in this regard– our focus in negotiating these issues with Revenue is always to deal with the issues in a practical and fair way.
• The assessment of the level of personal tax relief available where a practitioner is contributing to the GMS pension scheme and a private pension scheme. There have been various Revenue guidelines issued in this area in recent years, not all of them consistent, and we have a thorough understanding of how this tax relief works.
• Key issues surrounding the keeping of appropriate books and records. We have advised many practitioners in recent times in relation to dealing with the ‘GMS debtor’and the potential requirement for a balance sheet.
• Many of our medical practitioner clients have personal tax-incentivised property investments, e.g. Section 23-type properties, private hospital/clinic schemes, hotel schemes and we advise on the actual and projected impact of proposed changes to the use of the allowances/deductions generated by these investments.

If you are a medical practitioner who like to hear more about the tax and accounting services we can provide for you, please contact Kerri O’Connell.