Welcome to the Summer 2021 MHA Healthcare Newsletter
As we see the fantastic work done in the vaccine rollout and the consequential relaxing of some restrictions it is perhaps time for GP practices to think about their businesses again and the financial positions they have perhaps not had time for over the past few hectic months.
Although the demand on general practice is great and growing as patients now present with ailments and conditions they have kept under wraps during the pandemic it is vital that practices do not ignore their own financial position. With that in mind in this quarters newsletter we take a look at how practices should be dealing with their year end information with a handy reminder of the key details they and their accountants will need.
We also take a look forward into the current 2021-22 year with all of the contract changes outlined together with a review of the main tax changes introduced in the latest budget. This detail can thus be used for projecting forward and with HMRC’s push to digital provision of information a review of your accounting package may be in order to help with these points.
Finally, we look at how practices should really be thinking in terms of their business and management information in order to make some strategic decisions in year rather than waiting for historic data that you can do nothing about. Particularly in these times of more uncertain income streams with Covid money and PCN surpluses, having good management reports, projections, budgets and cash flows will allow practices and PCN’s to take action in year, to increase resources if required and money is available, or understand that belts need to be tightened in certain areas, or even forewarning of higher profits and thus tax and pension liabilities.
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If there are any topics within this edition that you would like to talk to us more about, please do get in touch.
