The medical profession faces numerous complex, industry-specific accounting and tax challenges, making it essential to have robust systems in place for managing both your finances and your practice.
Medical consultants are working longer and harder than ever, often for reduced income.
At itaxzone, we support a wide range of medical professionals, including:
- GP practices
- Salaried GPs
- Consultants
- Hospital doctors
- Dentists
- Locums
Medical professionals commonly encounter four key ‘Tax Traps’:
- Under-claimed expenses: Many are unaware of all the expenses they can claim, overlooking items such as mileage logs, satellite navigation systems, and medical equipment.
- Pension contributions: Loss of tax relief occurs when contributions into private pensions are not maximized.
- Overpaid National Insurance: Complexities around employment status often lead to higher-than-necessary national insurance contributions.
- VAT complexities: For healthcare practices and locum doctors, determining when VAT is chargeable and at what rate can be challenging.
These issues can significantly affect disposable income and the overall health of your finances.
At itaxzone, we provide solutions to these challenges. Our tax expertise, combined with modern cloud-based technology, enables medical professionals to maximize both tax savings and time.
We work around your busy schedule to help save you time and tax, ensuring you make the most of your finances.