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By : Peter Mclntyre

With so many accountants offering a range of financial and tax planning services why choose one that specialises in the healthcare sector?

As an ex Practice Manager, I am all too familiar with the challenges and complexity involved in running a medical practice and have seen the advantages of having support from a specialist accountancy firm.

Here are some key reasons why you should chose a specialist medical accountant to manage your financial affairs.

Save yourself time - they know your business

Time is money in every business and we all know that the time GP’s and medical professionals have is extremely limited and tight, so having the extra burden of managing taxes and accounts is something they could well do without. By choosing an accountant who is an expert in the sector it is safe to assume that the knowledge and information required to process your accounts and tax is already there – no need to have your time taken up answering the various questions related to healthcare accounting which you are likely to experience from a general accountant.

Save yourself money – they give you specific tax help and advice

With so many regulations, filing deadlines and constant legislative changes, understanding your tax obligations can be complex for any business, including medical practices. A medical accountant can help guide and advise you on how to be tax compliant and achieve significant tax savings through government tax schemes, as well as ensuring you comply with the changing needs of the NHS and other regulators.

Save yourself worry – they make your money work

Medical professionals work very hard. So why shouldn’t their earnings and business assets work equally hard? A medical accountant will have the knowledge and expertise to advise you on investment opportunities and financial development prospects, whether it’s navigating the tricky waters of the NHS Pensions regulations or looking at other ways of maximising your wealth. They can ensure that you build up financial protection while making the most of your earnings’ potential to make even more money for you in the longer term.

Patients deserve the best from their medical professionals. Shouldn’t medical professionals deserve the best from their accountants?

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