Accountancy Services for Medical Professionals

As a medical professional, would you rather spend more time pursuing your profession and attending to your patients than wasting your time filing complex tax returns? For the uninitiated preparing tax returns and filing them is an extremely difficult task, best left to professionals. However, just as in the case of lawyers, you need a accountant who is well versed in filing taxes for medical professionals, else you might face problems later on. Hiring a tax professional who has no inkling about taxes related to the medical profession is the same as hiring an attorney who specialises in divorce cases to handle a car accident case. Find below details of why you, as a medical professional, should only opt for accountant for medical professionals for preparing and filing your tax returns.

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Question of time and knowledge 

There is no doubt that the tax system is quite complex, is full of regulations, as well as filing deadlines. If you do not submit your return within the deadline, you will have to pay a penalty, based on the amount of tax you have to pay. If this is not enough, tax rules and regulations keep on changing from time to time. It is impossible for the nonprofessionals to keep themselves updated about such changes. Not having knowledge about those updates might well result in submitting an improperly prepared tax file. You should also remember that if the tax authorities have any doubts about your filed documents, they might request you to appear before them for scrutiny. This can cause problems for you, as you might not have answers to their questions. You can easily prevent this dilemma from taking place by hiring the services of a professional accountant who specialises in handling returns for medical professionals.

Deductions you might not be aware about

Doctors and surgeons can avail of tax discounts under several categories, which they might not know. The professional can help you by checking your balance sheet, find out which categories are exempt from taxes, and include them in the list of deductibles. This decreases the amount of taxes you have to pay. There are other factors too. Do you contribute to the NHS pension scheme? Do you know that if your employer (if you work in a hospital) and you contribute to much into this scheme then you could suffer from a tax charge? Instead of bothering about these things, give the tax filing job to an accountant for medical professionals.