Those who operate in the healthcare sector, like most professionals, are in the main dedicated to the provision of high quality professional services for their clients.
However, like many professionals over the last 20 years, those who operate within the healthcare sector have been faced with many new and demanding challenges. In particular, there has been a marked shift towards greater awareness of general business commerciality although we are pleased to note the provision of the highest levels of professional care have remained in place throughout this time.
At UHY Hacker Young Fitch, we prefer to view recent events not so much as a series of challenges but rather as opportunities where we can pro-actively assist our clients. Acting for a growing number of doctors, dentists, vets, care homes and pharmacists, our partner-led healthcare team are working daily to deliver the most comprehensive and responsive support service available.
The work that we do
We work with our healthcare sector clients in the following ways:
Where our aim in preparing accounts for clients is not just to present accurate information which is a given, but to ensure that we present them in a way that aids comprehension of the figures and to highlight key financial drivers of the business.
We advise our clients on ways of maximising profits and provide financial performance review reports that provide benchmark statistics as to how their practice compares with industry averages. We believe that our ideas are forward thinking but founded on traditional values.
Cash flows and budgeting
We can assist in this important aspect of controlling the finances of your business.
Personal and business taxation
Including completion of self-assessment income tax returns, personal tax planning, preparation of adjusted profit computations for tax, preparation of superannuation certificates for GP doctors and tax efficient remuneration planning for those Healthcare professionals operating their own limited companies.
Specialist tax planning
Liaising with our colleagues from the firm’s tax consultancy group to undertake work of a more complex non-recurring nature including capital and estate planning, high level remuneration planning and personal wealth planning. Our specialist tax department is staffed in part by Chartered Accountants and a Chartered Tax Adviser , all of whom are ideally placed to support anyone selected for enquiry.
This includes the processing of payrolls, preparation of monthly PAYE remittances, dealing with any enquiries raised by HMRC, preparation of periodic statutory forms and processing of year end returns.
Acquisition and disposal of a practice
Assistance on all aspects is provided to a potential purchaser during the negotiation stages and if successful, further support is also provided where appropriate on book-keeping, payroll and other day to day activities to ensure the new business owner is left free to concentrate on running the business. On the other hand, disposal of a business requires planning primarily to minimise the tax exposure and reach agreement with HMRC on cessation tax liabilities.
Entry and exit from a partnership
Both involve potential turbulence in the timing of tax payments which can be minimised with pro-active involvement at the earliest opportunity. Guidance is also provided for those leaving behind an employee position before embarking upon self-employment as a partner which involves many new obligations.
We are focused on our clients and our clients’ businesses and offer proactive advice on an ongoing basis through the issue of regular financial and taxation updates written for our healthcare clients.
Reliable and responsive service
Each of our healthcare clients is looked after by one of our partners and a healthcare manager. There is also usually at least one other point of contact. This allows us to meet our targets on answering queries (24 hours) and turnaround on producing draft accounts (4 weeks).
If you would like further information about our healthcare services or to receive our healthcare brochure, please contact one of our experts.