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Accountants for doctors – how do I find a good medical accountant?

by Dr Ed Cantelo GP Trainee, Chartered Accountant Chartered Tax Advisor

 

As a Doctor and Chartered Accountant and Chartered tax advisor myself, all too often I see colleagues who are paying too much tax as a result of making mistakes themselves or using non using non-specialist accountants. Engaging a specialist medical accountant with knowledge of the medical sector would avoid this. We built Medics’ Money to empower doctors to find a specialist medical accountant, handpicked and verified by us with reviews from doctors like you. Here are a few things to look for when choosing a specialist medical accountant.

Is my accountant qualified?

Accountant is a non-regulated term meaning people with no qualifications at all can call themselves an accountant. All the independant specialist accountants featured on Medics’ Money are qualified members of one of the Chartered Accountancy bodies in the UK so you don’t have to worry. Medics’ Money matches your requirements so you find the best accountant for you.

Click here and we will match you with a specialist medical accountant.

Do I need a specialist medical accountant?

Doctors’ tax can be a complex area – the NHS pension, tax code errors by payroll, private practice income and NHS income, superannuation, GP practice accounts. Unfortunately many accountants claim to be specialists but are not. Medics’ Money only matches you to independant specialist medical accountants that fulfill your requirements. We thoroughly check and only recommend independent specialist medical accountants. Book your free initial consultation with a Medics’ Money accountant here.

https://www.medicsmoney.co.uk/medical-accountant-search/

Does my accountant need to be local?

No. In the age of cloud based accounting almost everything can be done online and is often more efficient this way. However if your circumstances are complex, a face to face meeting may be beneficial and for this reason our software will match you to the nearest Medics’ Money accountant that fulfils your criteria. Find your nearest suitable specialist medical accountant here.

https://www.medicsmoney.co.uk/medical-accountant-search/

Some questions to ask your accountant

How can you help me improve my finances?

A good accountant will often save you more than they cost you in fees. Don’t be afraid to ask directly what benefits you can anticipate.

How do they charge fees?

Everyone’s personal tax situation varies making fixed price quotes tricky. But after your free initial contact your accountant should agree any fees with you up front before work is undertaken.

How has you accountant helped people in similar circumstances to yours?

If you are a senior registrar, how has your accountant helped others in your situation before. If you are a GP, how many GP’s does your accountant act for and what is their knowledge of the specific to your situation. All the independent accountants on Medics’ Money are specialists that act for hundreds, in some cases thousands of doctors and have been verified by us.

Are there any basic mistakes I’m making?

There are no inappropriate questions when it comes to finance. So don’t be afraid to ask them specific questions. After all you are paying for their advice.

What records and documentation do you need to retain?

Your accountant should tell you what records you need to keep. Tip – accountants like information presented neatly and not just a big pile of receipts at the end of the year!