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Doctors’ accountants on the Wirral

Dealing with the completion of tax returns and annual accounts is often a complicated process, and can take time away from your typical daily routine. For some people, especially those who work in the medical profession, accounts can be particularly complex. Legislation changes frequently and if you are unaware, this could have an adverse effect on your tax situation. The NHS system is also subject to reform and staying abreast of a situation can be difficult when you are busy.

Doctors’ accountants on the Wirral – local knowledge

It is now becoming increasingly common practice to outsource to specialist doctors’ accountants. Wirral medical professionals may feel more comfortable with an accountant who knows the local area. An accountant who doesn’t have specific knowledge of the medical profession may not be aware of differences between an NHS practice and a private practice, which could affect your financial affairs. GP and dental practices are also structured differently, with varying rules and regulations to abide by, especially with HMRC.

A medical professional may also be considering forming a Limited Liability Partnership, but may not be sure if it would be beneficial in the long term. A specialist accountant would be able to explain the potential benefits and any pitfalls to be aware of.

Aside from the preparation of accounts and the completion of self assessment tax returns, there are other areas which may be outsourced to doctors’ accountants. Wirral practices may be considering making changes, perhaps disposing of the existing practice or buying a new one. Dealing with any changes to the status quo is time consuming, complex and could have implications for all partners in the practice. A reputable accountancy will be able to advise and guide you through the legislation.

Outsourcing the daily running of a practice

The daily running of a medical practice may be outsourced to an accountant; this includes bookkeeping and payroll services. Very often, a person who is employed in the medical profession may take on external roles in a self-employed capacity. This may result in them paying too much National Insurance. This, however, can be checked by doctors’ accountants on the Wirral.

There are so many areas of finance which become complicated for members of the medical profession, including being self-employed and employed simultaneously, pensions and retirement and more. Here at Wainwrights, we understand all of the various situations and can help you to plan for the future. Give us a call today to arrange an informal meeting.