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How medics can benefit from specialist accountancy services

If you are in the medical profession, choosing the right type of accountant is an important step.

Doing so ensures that you make a better profit, and that what are often complicated accounts are done properly.

Here we explain a little more about how different medics can benefit by employing an accountant that has experience of working in the clinical field:

GP practices

Running a GP clinic is extremely challenging, as there is a great deal to think about and get done. As such, the last thing a busy doctors’ practice needs is its staff to be tied up doing accountancy work.

In addition, the clinic’s taxes can be extremely complex, with most having a mix of employee types. Some will be partners, others direct employees of the practice, and still others working as subcontractors, which makes keeping track of salaries, national insurance, and employee tax liability quite complex. It may also be necessary to calculate profit allocations for the partners.

Add in complex overheads that are in a constant state of flux, and it becomes hard to run a practice in the most tax efficient way. An accountant that specialises in accounts for medics understands the complexity of running a medical practice like this. They keep track of all regulation changes, providing tax advice as well as taking care of day-to-day accounts.

Dentists

A Dentists’ clinic will face similar challenges to GPs. It is also a complex business, which typically involves several partners, so dentists can benefit in the same way that GPs do from employing a medical accountant.

Dental practices have high overheads and have to update their equipment regularly, so cash flow is a particular challenge for this type of enterprise. An experienced accountant who understands dental practices can help to identify ways to finance the purchase of new equipment. They also know what can be done to reduce the clinic’s tax liabilities.

Locums

If working as a locum, seeking out the right accountant is particularly important. They have to pay income tax, national insurance, and now have to worry about superannuation contributions too. This can add up to as much as 55.5% or their salary, if they choose the wrong legal structure.

An accountant who specialises in providing services to medics understands the rules and regulations involved, so can help them to decide which business structure is right for them. Once the clinic is up and running, accountants can help medical professionals to keep track of their financials, while advising about which expenses can be offset against tax bills.

Posted by Peter
July 6, 2015
Features

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