Over the last few years we have built up our knowledge in the world of independent healthcare, private practice, consultants, shared chambers and fully functioning private hospitals and have many as our clients. Changes are rapidly happening and doctors, surgeons and support staff are finding that their traditional roles are becoming more challenging and they have to learn about ‘running a business’. Without the time to go to business school you have to get started. This is where good advice is at its most useful. Your accountant is your first call here always.
We do not just act as the traditional accountants doing the accounts and tax at the end of the year (we do that of course and get your tax to a minimum) but can steer and help you throughout the year with all the financial questions that pose themselves week by week. We can also help you develop budgets, cash flow forecasting and advance planning, banks and finance arrangements, business plans, book-keeping, debtors and credit control. We can even advise on the different software packages available for medical professionals.
You might have problems with old and new style NHS contracts –or just when to leave the NHS. We’ve covered those too and know the specialist lawyers in this area…..but hopefully you can avoid these like the plague!
Once you’ve decided to breakaway or have already done so…..one of the first questions to answer is ‘what’s the best way to set up’. This is a very important decision and not fully considering the whole picture can cost you a lot of money!! Here are some simple guide points on just this issue:
Think carefully about getting a tax refund from your previous three to four years earnings to set up with. This can be very large in certain circumstances for one person we did it for it amounted to cheques from the tax people for £200,000!!
Look at your overheads and plan them out. Consider shared options, chambers or your own premises, limited company or partnership or sole trader –each has advantages so choose carefully what suits you.
Be aware of legislation that applies to you not just tax and employment but health care commissions etc.
Know how VAT affects you. You may well be exempt but you can stray into areas such as botox and get caught out.
Get an accountant with the ‘knowledge’ and the time to deal with you personally.
Consider if the Enterprise Allowance Scheme could work for you.
