Medical profession
Medical profession
The medical profession faces many complex industry-specific accounting and tax issues, and it is important to have in place robust systems for managing your finances and your practice.
Medical consultants are working longer and harder than ever before, but often for less income.
At Qualified Accountant, we work with a range of medical professionals, including:
Medical professionals face four key ‘Tax Traps’:
- ‘Tax trap’ one is that many are under claiming on their expenses because they are not aware of exactly what they can claim for. Simple things like mileage logs, satellite navigation systems and medical equipment are being overlooked.
- The second ‘Tax Trap’ relates to the loss of tax relief on pension contributions, meaning that when individuals contribute into a private pension, their relief is not being maximised.
- The third ‘Tax Trap’ is that medical professionals are often overpaying national insurance, due to complexities surrounding their employment status.
- ‘Tax Trap’ four relates to the complex area of VAT. For example, for health care practices and locum doctors, it can be difficult to determine when VAT is chargeable, and whether it is chargeable at the full or partial rates.
