Healthcare expenses in the UK reached £292 billion last year. It’s hardly shocking especially if you think about how crucial medical care is to all of us. While doctors and nurses are busy providing top-notch care to their patients, there’s an equally important job happening behind the curtain: keeping track of the finances of clinics and hospitals to make sure that they stay viable.
What do accountants for doctors do exactly?
Accountants for doctors essentially help healthcare professionals manage their financial matters and ensure they stay compliant with tax laws. These specialised accountants understand the pressure doctors face with their demanding schedules and aim to relieve them of the stress related to accounting.
Taking care of tax submissions
Handling financial tasks is the last thing medical professionals should be worrying about. But despite the time constraints, it’s very important for doctors to ensure their tax returns are submitted accurately and on time. If left to the last minute, there’s a risk of errors leading to underpayment of taxes, which could result in penalties from HMRC.
Accountants for doctors make sure that tax returns are accurate and submitted on time, so doctors don’t have to worry about penalties from HMRC. This also gives them assurance that all possible tax reliefs and deductions applicable to them were taken into account.
Keeping track of financial records
As medical practices grow, so does the need for proper financial record-keeping. Accountants for doctors play a crucial role in maintaining accurate and up-to-date financial records. They ensure that all expenses and income are recorded correctly and that there is full transparency in the practice’s finances. This way, doctors can see exactly where their practice stands financially and make smart choices about what to do next.
At Allenby, we specialise in helping businesses of all kinds succeed. For doctors and medical professionals, we handle everything from accounting and bookkeeping to addressing business challenges like getting financing, boosting profits, and managing year-end accounts. Our aim is to take the stress out of managing finances so you can focus entirely on your core practice. Reach out to us today and discover how we can support your medical practice’s growth and success.
