We act for a number of Consultants and Locums advising them on accounts and tax matters as appropriate. More and more medical consultants are choosing to form companies to supply their services. We can advise on the benefits and negatives of trading as a limited company versus a sole-trader, from both a tax and accounting viewpoint. We also help Consultants
- form their company
- deal with all secretarial matters
- advise on appropriate record keeping
- outsource the record keeping - we can maintain this on your behalf
- advice on suitable accounting software
Once all of this is in place we ensure Consultants are aware of:
- what their tax liabilities are and when they will fall
- what expenses they can claim as a tax deduction
- the implications of paying a salary to family members
Once this is in place, we will then prepare year end accounts and tax returns as appropriate.
By the very nature of their employment situation, most Locums will require a tax return. We advise on the paperwork that must be retained, prepare a personal tax return and advise on payment on account in future periods.
If you have other sources of income, for example from a renting out a flat or investment income, we can also record this on your tax return and advise according.