As a healthcare professional, you know what it’s like to be busy. Whether you run a private practice or work for the NHS, whether you’re a doctor or a dentist, whether you operate a care home or a pharmacy, you’re constantly involved in caring for others. Even though your life’s work is the health of your patients, you must also think about the health of your business – and that’s where DUA can help.
Our team of accountants in Watford understand that the healthcare profession comes with a unique set of tax and accounting requirements. We’ve made it our business to help healthcare professionals get the most from their finances through our expertise and specialist understanding of the industry. We have pinpointed some of the best tactics for managing the finances of our healthcare clients, so your financial returns match your professional success.
Take advantage of tax returns
Tax returns, for most, are an enduring burden. Every year you find yourself spending time gathering information which ultimately leads to a tax bill – but did you know that for healthcare professionals, the submission of your annual tax return is a fantastic opportunity to utilise the reliefs available in your everyday professional practice?
If you’re a partner in a medical practice that is not set up as a limited company, you’re considered to be self-employed. Your tax returns should mirror what is on your practice’s partnership return. Any allowable reliefs in your activities as a partner are shown in these partnership pages. We can assist you with making sure these figures are in accordance.
As a rule, we advise our healthcare clients to keep a log of any work they do from home, as well as any out-of-pocket expenses – these actions will allow you to keep track of any potential expenses to be claimed. Furthermore, healthcare professionals should always claim professional subscriptions and training costs. Where you use your private vehicle for business activities, including home visits to patients and traveling to conferences, you can claim for those relevant expenses and capital allowances for the business element of your car. We understand the strict rules on travel between different clinics and can aid you in discerning what should be claimed.
Our team of accountants have an all-inclusive comprehension of the ins and outs of the healthcare industry’s tax considerations. Our expertise paired with our tailored understanding of your business and goals helps you on a rewarding journey of financial success and professional fulfilment.
Plan for the future
As the healthcare industry is a high area of enquiry for HMRC, it is crucial that you seek specialist advice on your finances. Establishing a professional relationship with the business advisors and accountants at DUA will ensure that your compliance requirements are met.
We hone in on the minute complexities of tax and accounting to streamline your business, while we’re also constantly thinking on a larger scale. We have a Finance Function department with a specialist team in healthcare that can take away the pain of your daily record-keeping. We understand the rules around maximising pensions – both annual and lifetime allowances – and we always consider the long-term when providing solutions for your finances. Ultimately, our aim is to ensure that your business reaches its full potential of profitability, providing you with opportunities to build strategies for your professional development and to maximise your wealth.
DUA’s team of business advisors and accountants in Watford and London have experience helping healthcare clients with everything from acquiring premises to structuring private work and managing your ongoing compliance. Our knowledge is your power: learn more about our services for healthcare professionals by reading our first-hand client testimonials here. Through tailored solutions, DUA can help your healthcare practice flourish and allow you to focus on the care of your patients – get in touch with us today to make the most of your business.