Why practices are different
Several income streams, one clear picture
A GP practice usually earns from private patients, GMS payments through the HSE Primary Care Reimbursement Service (PCRS) and other state schemes. Professional services withholding tax (PSWT) of 20% is deducted from many of these payments and must be claimed back on the GP's tax return.
Practices are set up in different ways: a single GP, a partnership, an expense-sharing arrangement or a company. Each has its own accounts and tax rules.
Most medical services are exempt from VAT, so VAT on costs usually cannot be reclaimed. Some services, such as medico-legal reports, can be VATable.
Our services for you
Our services for practices
- Practice accounts and partnership returns
- GMS and PCRS income reconciliations
- PSWT credits claimed on your return
- Form 11 personal tax returns for each GP
- Payroll for practice nurses, reception and managers
- Profit-sharing and partner drawings
- Advice on practice structure and new partners
- VAT advice on non-exempt services
How we help
Who we work with
- GP practices, from single-handed to group practices
- GP partnerships and expense-sharing arrangements
- Individual GPs and locums
- Other medical and dental professionals
Key dates
Deadlines we manage for you
- Form 11: 31 October each year, with an extension when filed online
- Partnership return (Form 1 Firms): same deadline as Form 11
- Payroll: each pay period, through real-time reporting
- PSWT: credits matched to PCRS and other payment statements
How it works
Working with us
Free consultation
We look at how your practice is set up and what you need, then give you a fixed fee.
Set up
We agree how you send us bank, PCRS and payroll information.
During the year
We run your payroll and keep your income and costs up to date.
Year end
We prepare the practice accounts and each GP's tax return.
FAQ
Common questions
What is PSWT?
Professional services withholding tax is deducted at 20% from payments by the HSE and other public bodies for professional services. It is a credit against your income tax, and any excess can be refunded.
Can you reconcile our PCRS payments?
Yes. We match your PCRS statements to your bank account and records, so all GMS income and PSWT is accounted for.
Do you do personal tax returns for each GP?
Yes. We prepare a Form 11 for each GP, including their share of practice profits and PSWT credits.
We are taking on a new partner. Can you help?
Yes. We advise on profit-sharing, capital accounts and the tax effect of the change.
Do you run payroll for practice staff?
Yes. We run weekly, fortnightly or monthly payroll, including pension auto-enrolment.
Talk to us about your practice
Send us a short message. We will reply with the next steps and a fixed quote.
- Phone
- +353 1 960 9126
- info@ameadvisors.ie
- Office
- 77 Lower Camden Street, Dublin D02 XE80