Doctors
Do your accounts show all of your income on a grossed up basis? Do your accounts show internal locums? If not your accounts could be costing you money. Good practice dictates that there should be no netting off of reimbursed income against practice expenses and all items should be shown on a gross basis
We act for a large number of general practitioners and consultants. While our services to our consultant clients involve in the main the preparation of their income tax returns including their self employed consulting income, the services to general practitioners are varied.
We can tailor a package to suit your own needs. We can handle everything from the bookkeeping and payroll upwards or you can opt to carry out various of the functions inhouse leaving us to deal with the annual accounts and tax returns.
Have you reviewed the level of your personal expenses claims in recent years to ensure that they accurately reflect business use? If not you can be sure that HM Revenue and Customs will over the next few years. Over the past few years they have been reviewing the accounts of dentists in the South and have discovered that it is a lucrative area for recovery of back taxes and it is only a matter of time before this moves both Northwards and over to Medical Practitioners. Now is the time to get these correct!
Did you know that, if you have a loan secured over the practice premises, you could restructure your finances in a much more favourable way for inheritance tax purposes. If this is of interest call 0141 221 2257 to arrange a meeting.