In the UK, healthcare professionals—including doctors, consultants, GPs, and surgeons—may find themselves working in various employment settings. They could be traditionally employed, operate as a limited company, or be on a PAYE system while also earning income through private practice.
For this reason, it has now become a norm for healthcare professionals to seek the expertise of medical accountants to efficiently manage their employment strategy and tax returns. Here’s why you should consider hiring one for your practice:
Improved cash flow
No matter how a medical professional is employed—whether through a limited company or by running their own practice—working with a specialist accountant for medical professionals can ensure consistent and steady cash flow. Through accurate financial reporting and personalised guidance, a medical accountant can help medical professionals stay on top of their finances and have a clear understanding of their earnings. This also helps with short-term cash flow planning and long-term financial goals.
Stronger tax planning
Navigating taxes as a doctor can be tricky, with things like the NHS pension, income from private practice, and GP practice accounts all coming into play. Allenby Accountants offers personalised tax advice to help you maximise your earnings and minimise your tax burden. They can assist you in developing strategies for managing your taxes and tapping into any reliefs or allowances available to you as a healthcare provider. Whether it’s handling incorporation, managing pension contributions, or planning for your estate and investments, medical accounts will help you make the most of your earnings while staying compliant with tax laws and regulations.
Work satisfaction
Running a medical practice requires a lot of time and effort, and managing finances can take away valuable time from patient care. By working with a medical accountant, you can delegate financial tasks to the experts and focus on what you do best – providing quality healthcare to your patients.
Call us at 0208 914 8887 today to learn more about our tax planning services for healthcare professionals.