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As Doctors, you have the enormous privilege of helping people and changing their lives.
More so than ever, practicing medicine is running a business, and for your practice to thrive there may be some key changes you’ll need to make which will help guide you in the right direction. This might include accounting for income from different sources such as hospital PAYE work or private patients, and participating on advisory panels, to Partnership arrangements (such as income sharing or joint ownership of premises).
We can also advice doctors who class themselves as self-employed but also participate in the NHS pension scheme.
So if you would like your accountant to look after your paperwork, claim benefits on your behalf and help you set up a practice (or if you are taking on new partners), please get in touch and talk through any questions you may have.
Got a tax question? Let's have a chat
Our two professions have quite a lot in common - we are both analytical, and success comes from a logical approach to our work. We think of Barristers as entrepreneurs because you have a vision of where you want to be, and then put a strategic plan in place as to how you will get there - just like a start-up or small business!
Most barristers work on a self-employed basis (around 80%); sharing office spare with other barristers, or on that rare occasion, have the luxury of their own office. You have a vision of where you want to be, and then put a plan in place as to how you will get there!
Whether it’s claiming all the right benefits or allowances, preparing rental accounts or deal with complex VAT issues, we'll keep your paperwork 'in order' and be delighted to assist you.
We appreciate that being successful at running your own law firm needs not only your expertise in practicing law, but being able to manage your firm as a business too. Not always an easy thing to do!
Bringing in the work is fantastic, but having a great business model in place will give your business an additional boost to help you maximise your profits. Make sure it is adaptable, because as you naturally grow, managing your finances such as cash flow, profit and loss will become much easier and you will be able to keep your balance sheets in order too.
Whether it is purely performing your practice’s Solicitor’s Audit in line with the SRA regulations and requirements, or preparing the practice’s Accounts, we want to minimise the tax bill not just for your practice but for individual solicitors too - field us any of your tax questions!
One question Dentists ask us is, “How do I build a successful practice?” We generally advise that a successful practice is built on, not only having a strong operational foundation, but to treat your practice like any other business. Having systems and processes in place that help you accurately track, monitor and evaluate your practice means it will run more efficiently, making it as profitable as it can be!
If you have any questions on accounting for income from different sources (such as NHS work/PCT contract, private patients), partnership arrangements (income or expense sharing), NHS pension matters or incorporating, purchase or the sale of your dental practice, please come and chat with us.
We also offer a fixed fee structure which we feel helps give you more flexibility and security.
A question we’re often asked is: "Can you help me grow my business?" The advice we often give is "Always underestimate your sales, & overestimate your expenses" as this can act as a healthy buffer to protect your business.
Whether you run a beauty salon, specialise in make-up or male grooming, you must continually assess your business model and the direction you want to move in. Always stay true to your venture, as it is vital (for your continued success) that your business comes from a sincere place!
From start-ups, VAT registration, business & succession planning, financial statements to cash flow – we can take care of everything for you.
As you know so well, working in this industry can be a little unpredictable. Some jobs can be short-term, or very “last minute” helping on that outside broadcast!
Being flexible is undoubtedly one of your greatest strengths, as well as being incredibly smart when it comes to budgeting your finances to cover any quiet periods or fluctuating incomes. We really enjoy helping people who work in this vibrant sector and we understand the industry’s changeable nature.
So if you’re weighing up self-employment or becoming a limited company, perhaps you need help with global tax planning or tour accounting – we would love to help you and answer any tax questions you may have.
We will email you our FREE expenses checklist! It's packed with expenses you could claim - saving you £££'s the minute you press 'send'
Great tips and advice you can download
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As members of GGI, one of the top ten international accounting, consulting and law firm alliances, we are able to deliver the best possible advice on a global scale. Through GGI we have access to experts around the world who are able to give advice on local regulations, compliance and go-to-market strategies.
GGI’s broad international presence opens up a gateway to the global marketplace for both us and our clients. Through our GGI membership we have access to high quality firms in nearly every major financial and commercial centre worldwide. This remarkable facility applies whether you are looking for business opportunities beyond national boundaries, or need international support in addition to services in your home market.
We are here to help and support your success wherever your business takes you.
For more information, visit GGI (www.ggi.com) online.
About GGI -Disclaimer
GGI Geneva Group International (GGI) is a global Alliance of independent professional firms. GGI Geneva Group International AG, a company incorporated in accordance with the laws of Switzerland, operates solely as an administrative resource of the Alliance and therefore provides no legal, audit or other professional services of any type to third parties. Such services are provided solely by GGI member firms in their respective geographic areas. GGI and its member firms are legally distinct and separate entities. These entities are not and shall not be construed to be in the relationship of a parent firm, subsidiary, partner, joint venture, agent or a network. No member firm of GGI has any authority (actual, apparent, implied or otherwise) to obligate or bind GGI or any other GGI member firm in any manner whatsoever, equally, nor does GGI have any such authority to obligate or bind any member firm. All GGI members are independent firms, as such they all render their services entirely on their own account (including benefit and risk), without any involvement of GGI and/or other GGI member firms.