Specialist Service Sector
Accounting For Doctors and Dentists
For doctors and dentists, budgeting, forecasting, and fund holding have become very important matters to them as more and more governments around the world and proposing and approving many changes in their sector.
In the UK, the Government policy changes and the National Health Service (NHS) radical reforms, accompanied by changing commercial conditions and realities turned out to be the cause of headaches for doctors and dentists from around the country. Some doctors and dentists have come to be facing a number of difficulties with these recent changes. Some even face problems regarding management of their budgets and resources.
Taxes have also grown to produce more problems for our doctors and dentists as the HM Revenue & Customs have set their eyes on whatever affairs these medical practitioners have been engaging in. Investigations are more frequently conducted nowadays, getting more common by the day. At such rough times, it is very important for our medical practitioners to get expert advice on how they can get through their accountabilities without having to worry too much.
Aside from our people who take care of affairs for entrepreneurs of business of varying sizes, we at Omer Adam & Co have people to look for those in the medical and healthcare sector – a big part of which are doctors and dentists. These professionals specialize in helping doctors and dentists settle their taxes, prepare and plan their budgets, handle their property acquisition and partnership concerns, among many others. With our people’s knowledge and expertise in different aspects of taxation, finance, and other general business concerns, you get to be advised by people who truly understand the medical sector. We give you the best advices at the right value for your money.
In addition to these, part of our services is to encourage you to engage in property and technology matters you may need to know to save a lot of time and resources.
Healthcare Professional and Therapist Accountant
All professionals have their own working environment that differs from that of other professionals, who on their own have their unique practices and situations.
But all the same, these professionals experience more or less the same moments of financial circumstances. Healthcare professionals may also encounter different financial and business-related matters that they’ll have to attend to.
It is important, therefore, for these healthcare experts to know if they need to get advice on the decisions and steps they must take to settle their financial concerns.
If you’re a healthcare professional and you are worrying about things such as finding time and interest to handle your financial affairs, having liquid funds when they’re needed, knowing how you can meet the goals you’ve set for your lifestyle, finding the best place to invest your money on, having sufficient resources and assets for your retirement, or finding ways to solve issues in your profession (such as payment of bills, departure of your partner or employee, among others) then you definitely need to get advice to get through such times that may possibly be rough for you.
What we are offering here at Omer Adam & Co are just the right advices for healthcare professionals. Our advices are always based on our initial review of your situation as a healthcare expert. Our specialists also look thoroughly and carefully into your financial status as an individual. We prepare and arrange for quality services to settle your financial concerns afterwards. Part of these services are reviewing insurances and drafting financial plans so you can be one step closer to securing the achievement of your goals. And to further ensure that your accountabilities and other financial concerns are taken care of properly, we have a wide range of services to offer you. These include tax planning, business structure implementation, practice restructuring, retirement planning, and book-keeping services. We can also give you strategies and advices on superannuation and asset protection.
Property and Non Resident Landlord
All property landlords are required to comply with standards set for properties for rent by the HMRC. This entails that anyone who may want to start renting a property must inform the HMRC by filling out certain documents and submitting them accordingly so they know that you need to account for taxes and other dues.
Non-resident landlords should know that the rental payment must be deducted with tax before getting to you as your rental income. Some landlords, however can have the payments made to them be exempted from tax by simply applying for approval of the HMRC.
Those operating with investment properties such as apartments or any other properties from which capital appreciation is expected also have duties to fulfill to the HMRC. They need to file and submit several forms so they can comply with the regulations set for them, aside from the basic accounting concerns that all landlords are subject to.
Owners of buy-to-let properties might feel the need to seek help for accounting services to handle their concerns as well. Other than the typical work with the regular cash flow they have to deal with, they need to take care of tax-related work also. This includes completing requirements for the HMRC and making sure that they don’t pay more than what they have to.
Lastly, owners of commercial properties may more or less find themselves in the situations of the previously mentioned site owners as they are also subject to the rules and regulations set by the HMRC. They will also have to comply with these while keeping their business on track by managing regular cash flow and the book-keeping work.
Should you happen to be any of such landlords, you may feel the need to outsource your accounting, book-keeping, and more importantly, tax-related work to accountants who can do just the right work for you. Our specialists at Omer Adam & Co will keep in touch with you right away should you decide to ask us to assist you. We will be glad to review your business as a landlord and coordinate with the HMRC for the right documents that you need to fill out and submit for processing. We’ll also take care of other accounting-related work so you’ll have less things to worry about your business. We will handle everything you need to settle when it comes to your taxes due and rest assured that we will do our best to minimize what you have to pay for. On top of that, we can give you expert advice on how you can make the most out of your business as a landlord.
Contractor Accounting
As a contractor, taking care of your finances and accountabilities are significant things that you must always keep your guard on. The matters you have to settle, however, from simple finance issues to complying with tax policies may be complex. This might make it more of a challenge for you to face than simple concerns you have to attend to. For such matters, you’ll probably think of getting someone to do the work.
You might feel the need to get an accountant who can represent you well, understands you best, works and performs well, and most of all, can get your accountabilities and financial issues settled and taken care of in the most straightforward manner.
Having to choose a contractor accountant may seem to be a daunting task for any contractor. It’s pretty difficult to make choices with all companies and accountant groups offering their own accounting services. It only becomes more confusing when these companies introduce their own strengths and that they’re the ones best suited to respond to your accountancy needs. They reiterate that their strengths are the ones you should definitely look for and expect from them. Our team at Omer Adam & Co, while doing quite the same thing when it comes to highlighting our strengths, but we also remind you of the fact that we are exerting all our efforts to make sure we understand you well enough for you to trust us to take care of your financial affairs you may have as a contractor.
Our team at Omer Adam & Co may very well be the perfect accountant to attend to your accounting concerns. They have been trained well and are equipped with the knowledge and expertise you probably wouldn’t find in any other accounting firms. Our experts are dedicated and they put on extra effort to know you better to help them represent you in the best way we can whenever you need representation to settle financial issues.
Construction Industry Scheme
There are other things that contractors need to turn their attention, too, aside from getting the contractor accountant that suits and understands them and their needs in the best way possible. They also need to think about how to comply with the rules regulations by the HM Revenue & Customs when it comes to the Construction Industry Scheme or CIS.
The Construction Industry Scheme sets standards and procedures to be done when contractors must settle their payments to their subcontractors for the construction work done. While the CIS usually applies to both contractors and subcontractors in the typical construction work, organizations and businesses which have high annual spend on construction and may not have construction itself as the core activity need to comply with the rules set by the CIS.
Both contractors and subcontractors need to know what they have to do when working under the CIS. The responsibilities of the contractors include registering under the said scheme and verifying that all of the contractors’ subcontractors are registered with the HM Revenue & Customs. They also need to pay subcontractors and submit the monthly returns. Subcontractors, on the other hand, are required to register with the HMRC, including the business name which can be registered with more than one trading names. The HMRC must also be regularly informed by subcontractors about any changes of their business such as structure, address, business name, or partnership changes.
If you haven’t got enough time or resources to do all that, then feel free to turn to our team at Omer Adam & Co. We work well with the HMRC as we will be the ones to have the necessary forms from the HMRC processed.
We help you fill them out and we submit them, in addition to the expert advices we can give for complying with the CIS rules. Whether you are a contractor or subcontractor, we’ll have your CIS needs taken care of.
