is not uncommon for medical professionals to pay much more tax than usual, and they have no time to check why. Overpayment is usually the result of last-minute filings, which puts you at risk of filling in the wrong or inaccurate information as you are in a hurry. Late filings could also mean paying the penalties in addition to your taxes. However, you could also pay too much tax due to an incompetent accountant. That said, it makes sense to find the most experienced and credible accountant for medical professionals. Here are more tips to help you find the right one:
- Do you really need a medical accountant? – The quick answer is yes, you need an accountant for medical professionals because taxes for doctors, dentists, general practitioners and pharmacists are typically more complex. Moreover, you could be too busy with your practice that you will not have enough time to do your accounting and deal with taxes.
- Make sure they are qualified – Check that they are chartered accountants in the UK and that they have extensive experience in medical accountancy. Verify their experience by asking for or looking references. You could also explore client testimonials and reviews, but take them with a grain of salt. Consider someone who is based locally, so you can rely on their knowledge of local tax laws that apply to medical professionals.
- Choose all-around medical accountants – An accountant for medical professionals can find ways to legally minimise the tax you are paying, and aid in getting your refund. Apart from helping you with accounting and bookkeeping, they can also help with advanced tax planning to streamline your personal finances. Some of the best accountants can go beyond and give business advice to help you grow your practice too.
Finally, look for a guarantee. Make sure that the medical accountant can add value to your practice. They should be able to guarantee high-quality advice, responsiveness, fair and transparent pricing, and reliable communication. Should you be unsatisfied with their service, you will not have to pay for it.