Yes, you can switch accountants if you are unhappy with your current accountant. If you do wish to change accountants we can match you to an appropriate specialist medical accountant, verified by Medics’ Money and with reviews from doctors. Simply let your old accountant know you wish to disengage from their services and your new Medics’ Money specialist will contact them and take care of everything. Health care professionals working in different domains are out priority. Our goal is to broaden the income and getting the tax paid on it to a minimum level. We support them with tax planning, VAT, directors’ tax returns and other related areas.

We also have extensive experience working with care homes, helping owners maximise their potential and reach their targets while staying on top of legislative changes and the general running of the business. Our experienced team will also assist on any aspect of buying or selling a care home business. We can correspond with the NHS pension authority on your behalf to find out your anticipated future pension and check how close real estate bookkeeping you are to the lifetime limit. If your lifetime pension savings exceed the limit, then you will be liable for an additional tax rate of 25%. By leaving this calculation too late you will limit your options and have no choice but to pay the additional tax. Discover how you can alleviate financial pressures and get back to focusing on crucial practice needs and priorities using our bespoke digital health and wealth service.

What Types of Medical Professionals Use Our Services?

Perhaps you are still not convinced that you need the help of accountants with training in the healthcare sector. Considering this, our team have many years of experience providing help to doctors with their financial accounts, taxation and business advice. If you prefer to take care of some aspects of your accounts in-house, we can complete a review of your accounting systems and software, helping you to implement effective processes and tools. Our team can also support your in-house finance specialists with more complex and time-consuming tasks such as annual financial audits and management account reporting whenever you need us.

Specialist GP Accountants at RMT offer medical professionals advice and guidance that is tailored to the unique monetary and legislative environment in which healthcare industry workers live. At the heart of medical finance, the Association of Independent Specialist Medical Accountants is a national network of over 75 firms providing expert advice to medical practices, sessional GPs and hospital doctors. One that has the experience of working with financial records, tax returns, and doctor’s accounts in the healthcare sector, to offer the practical advice you need. If you operate in the healthcare sector, arrange a FREE consultation with one of our specialist medical accounting team members to see what we can do for your business.

Medical practice accounting compliance

Should HMRC chose to look at the business records you will not want to give them the opportunity to look at your personal bank account. Business bank accounts are generally more expensive to run than personal accounts but they are necessary. A Limited Liability Partnership has a members’ agreement and a Limited Company has its articles of association. Both of these are statutory documents, and the latter has to be filed at Companies House.

Even if you are not in practice we can also help Primary Care Networks, Salaried GPs, Consultants, Registrars and other employed members of the medical profession. We also act for a number of consultant groups operating through partnerships, LLPs and companies. This can be carried out by your own team or you can use an outside firm. A kind and supportive organisation that helps medics navigate their way through the labyrinth of financial decisions that they have to make throughout their careers. Really helpful service, great resources for understanding finances at no cost. Responded to a question I sent very quickly and with a thoroughly explained answer.

Medical Accounting Software

That is why when, as a doctor, you are trying to stay focused on your main role of helping people, you really don’t want to worry about your accounts, bookkeeping and tax. Fortunately, if you engage with medical professional chartered accountants like those that make up our specialist medical team here at Tax Bite. Working with us means having a named specialist Medical Accountant dedicated to understanding your personal affairs and aspirations. They will build a strong relationship with you and support you in achieving your goals. Technology and Media Our Technology & Media team work with businesses in media, advertising, software, managed services, fintech and in most sectors of economy. Our knowledge and experience of the lifecycle of a tech company means we are uniquely placed to give you the advice and support you need to meet the growth challenges your business faces.

They work as a salaried GP, as a consultant, a locum or a hospital doctor. They can as a sole trader or choose to work as in a limited liability partnership. As a locum doctors https://www.scoopbyte.com/the-role-of-real-estate-bookkeeping-services-in-customers-finances/ may encounter different tax regimes in a same year. For example, if they establish a limited company they will have to deal with PAYE and in some cases IR35 regulations.

Tax planning

We offer expert advice and support on every aspect of financial management for GP practices. For example, doctors may need help with locum accounts and Self-Assessment tax returns, private practice income, NHS Pension tax charges, GP accounts and tax planning, amongst other things. Medics’ Money is run by doctors who noticed non-specialist accountants were more likely to make mistakes. So, we invited the very best specialist accountants who satisfied our rigorous criteria to join Medics’ Money.

As a professional you will have some form of liability insurance, but if you were negligent then you are not able to hide behind the limited company screen. As unincorporated businesses a sole trader and a partnership have unlimited liability for their debts, indeed in an unincorporated partnership you become jointly and severally liable for the debts. So if you partner enters into a financial arrangement in the name of the partnership and reneges on the repayments, then you will become liable to make the repayment.

Chartered accountants and tax advisors

It leaves little wonder that medical professionals often find it challenging to manage their taxes and finances without help from a trusted chartered accountant specialising in this sector. We work with healthcare and medical organisations and professionals including doctors and consultants, GPs and locums, dentists and dental practices. Our team provides clear, strategic and focused financial advice in complete compliance with all relevant regulations. FWD has lots of experience in advising medical practices in all aspects of accounting, tax and business advice. Advice on profit improvement, complemented by tax planning, and cash flow control. GP Practices – we support a wide range of accounting activities from tax planning to payroll, VAT returns, cash flow and bookkeeping.

• I received fantastic support from Aimee and Grace and would highly recommend both ladies and the accountancy partnership.
• After moving to Dodd & Co we have felt a sense of relief that our accounts are in safe hands.
• Because we are an independent specialist firm, our services are competitive, and we will be pleased to agree fees in advance.
• Run a debtor/aged receivables report in your bookkeeping software and review the list of invoices.
• In the next few years, HMRC are going to insist that your records are kept using a product that allows for seamless integration from the initial entry through to the final accounts and returns submitted.