Do Doctors Need Accountants?
Unfortunately, many doctors and other medical professionals complete their training with little to no specialised financial awareness of the medical sector. Although it is not a requirement for doctors to have an accountant, the sector’s complexity means that it can often be worth hiring a specialist accountant to handle your medical finances.
Future-Proofing Against Tax Enquiries
The introduction of the Tax Health Plan has far reaching implications for you. HMRC do not need a reason to begin a tax investigation, meaning that anyone who submits a tax return may be subject to investigation regardless of whether they are compliant or not.
In these situations, stress levels and costs can both skyrocket – even if you are found to be compliant, the process can place huge strain and pressure upon practices and individuals. If you have made a mistake in this area, even a genuine error, you could face charges resulting in fines.
Protection against the increased frequency and cost of HMRC tax enquiries is now essential and as such we offer a service to safeguard GP's from the potential significant costs of any such investigation. While additional tax liabilities are an issue, equally important are the professional fees, which could be incurred should there be a dispute with the tax authorities. We therefore recommend all our GP clients take advantage of our Tax Protection Service, which covers professional fees incurred in handling a dispute with H M Revenue & Customs.
Through an annual subscription, the scheme enables us to manage the process effectively on your behalf and removes the risk of any unexpected fees or costs.
Unsure of Your Tax Code?
It is your responsibility to check if your tax code is correct, and you are expected to pay the tax if this code is not accurate. However, in keeping up with your other responsibilities, falling behind on areas like this can be all too easy as a doctor. This is where an accountant is beneficial to ensure you stay on track and have advance warning of your tax liabilities so that you can focus on your clinical or academic commitments.
Career Growth & Time Management
Managing your medical finances is no easy task. Without the proper specialist training, it’s a job which requires patience, time and effort. This burden can take away large chunks of time from you practicing your profession, limiting career growth and the amount of time and effort you put into patient care. A medical accountant can take care of the tedious and time-consuming financial management tasks, leaving you with more time to concentrate on your areas of expertise and the things which matter to you.
At the outset, hiring a firm to manage your medical finances may be considered an additional expense, and may seem like the more costly option available. However, hiring an expert medical accountant can actually be a very cost-efficient strategy, especially as professional fees are tax deductible! With their minimal knowledge of the unique financial requirements of the healthcare sector and tax system, doctors are rarely well equipped to manage their finances, often wasting valuable time and resources. On the other hand, specialist healthcare accountants can perform these services efficiently and accurately, minimising your tax liabilities and solving any financial problems which arise with expertise coming from their focused training and vast experience in the area.
NHS Pension Management
The NHS pension scheme is complex and constantly undergoing minor changes; keeping on top of where your pension stands can be overwhelming. However, our NHS pension management service provides a clear insight into where you stand with your pension, if your records are in fact accurately recorded and includes a unique forecasting option to provide advance warning of any annual allowance tax liabilities. This enables you to plan ahead and seek the required regulated personal financial planning advice in a timely manner.
Choosing a Medical Accountant
With the unique financial demands of the medical sector, many accountancy firms may be underqualified to deal with the accountancy requirements of doctors.
At BW Medical, we are one of the few UK firms solely focusing on the medical sector, giving us a depth of knowledge in our medical accountancy services unmatched by other accountants. Our team of 30 experts in the field have a wealth of specialised experience and training in delivering these services and can help to provide you with clarity on your position and options available.