Darren has spent many years in the employment of a Specialist Medical Accountancy firm. The experience and specialist knowledge he developed, has allowed Darren to expand the services he provides to the private medical sector from the April 2015/2016 tax year.
The practice offers the same full Accountancy service that it does to other clients including Accounts, payroll and taxation services, with the addition of specialist services unique to the private medical sector.
A list of some of the specialist services provided are as follows:
Specialist tax planning
This is where the partner to the Consultant has a basic rate band or personal allowance available to be used by way of dividends or a paid salary for the work the partner does for the private practice. A company can be formed and with the dividends being paid per the shareholding substantial tax savings can be made which could eliminate the Consultant paying tax at the highest rate. As with all tax planning it is always best to meet in person to discuss the needs and monthly income required so all the future options are reviewed. Darren offers flexibility of appointments both during and outside of normal working hours.
Claiming professional subscriptions
As paying subscriptions is compulsory such as the GMC it is possible to claim tax relief on these, the relief is claimed by claiming the subscriptions as an employment expense against the NHS income. If this has not been claimed in previous tax years then a claim can be made to HMRC for the tax relief to be given.
As it is common for Consultants to join together to share administration costs and to provide cover for each other, it is vital to find the right structure to trade through. The trading methods such as Limited Liability Partnership, Partnership or a Limited Company each have their own advantages. Each trading method can be discussed in order to ascertain the most appropriate structure to move forward.
Medical legal work
If income received for this income stream is over the VAT threshold, then registration for VAT is compulsory. This adds extra administration and complexity to the accounts. Darren will be able to advise on the right bookkeeping package from the start, and which method of declaring VAT is appropriate, either using the cash accounting method or the flat rate scheme.
The bespoke service I provide ensures flexibility of both office and out of office hour’s consultations, tailored to meet the individual needs of my clients. My personalised service, delivers greater efficiency and consistency to my clients, many of whom have joined my company as a result of personal recommendation, from existing clients, thus enabling personal growth of my practice.
If you are just starting out in private practice or already a member of a Large Limited Liability Partnership, why not arrange a meeting with Darren at a mutually convenient time to discuss your Accountancy requirements, please complete the contact form or call him on the office number.