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Medical accountants in Liverpool

Accountants play a valuable role in any business but someone in the medical profession may want to consider specialist medical accountants. Liverpool businesses will benefit from the expertise and knowledge, both of the industry specifics and the local area. The National Health Service is constantly changing, and this can create complex issues and challenges for doctors and other medical professionals. However, the changes may also present opportunities which an accountant will be able to help with.

Locum medical practitioners face different challenges, especially if they are considering joining a practice. Experienced medical accountants in Liverpool will be able to offer advice before you make a final decision. Advice on record keeping, bookkeeping services, payroll, preparation of accounts and completion of self assessment tax returns are all typical duties of a medical accountant. However, an accountant who specialises in the medical sector will be able to advise on which tax reliefs, allowances and expenses may be claimed.

Medical accountants in Liverpool – helping you avoid surprises

Reputable doctor’s accountants will help you to plan your taxes, calculating estimated income so that you don’t end up being surprised by a large tax bill at the year end. If you don’t currently complete a self assessment tax return, an accountant will help you check the criteria to see if you should be filling in a tax form each year. There are many scenarios in which you may have to complete a tax return and you face a penalty for failure to notify if you don’t declare specified income. Have a look at your tax code for each employment and try to calculate whether it is correct. If you are unable to determine whether the correct tax code is being operated at each employment, you may end up with a huge underpayment of tax, which will have to be repaid.

Professional subscriptions, allowances and expenses are other areas where you may not be claiming the tax relief which you are due to. A repayment could be claimed for previous years.

In order to maximise income as a medical professional, it makes sense outsource to reputable medical accountants. Liverpool medics will benefit from financial planning, preparation of accounts and self assessment tax return and gain an insight into the performance of other medical practices in the area. Here at Wainwrights, we can help with all of these things. To arrange an informal meeting, get in touch today.