More and more businesses are moving their accounts and finances to online cloud accounting software. To be able to access your business finances at any time, anywhere, using any device via the internet can have a positive affect on how your business runs.
You don’t need to be sitting at the same desk working on the same machine resulting in you being away from the day to day running of the business. You have the flexibility of when and how you manage your finance functions.
By choosing cloud accounting, it gives you the freedom to manage the business finances, track your cash flow and give you real time information on how your business is performing. An added bonus to cloud accounting is that you can grant access to your accountant allowing information to be shared instantly. Gone are those days of trying to get a backup to your accountant and the worry of it ‘falling in to the wrong hands!’
At Tudor Healthcare, we are helping our clients make this switch to cloud accounting by recommending Quickbooks and Sage as fantastic online software packages. As suppliers of these software, we are able to achieve substantial discounts for our clients so please do speak with us first before buying your online package.
Should you wish to discuss this in more detail then please do contact us.
Annual Accounts & Tax Compliance
As with any accountancy service the basis of the work which we do for you is the preparation of your annual accounts and tax returns.
Initially we review your accounting records, to make sure that they are organised not just for year-end accounting but also as a management tool for internal reporting during the year. In particular you need an early warning if profits are under pressure and we can help you to identify problems early on.
We review your profits and income to consider tax exposure and look at opportunities for tax planning. We look at innovative solutions for you, which might include using limited companies within your structure, particularly if your income is such that you might lose your tax free personal allowance or if you are 45% tax payers – you can pay 20% tax instead!
Retirements, New Partners, New Structures
We support you through partnership changes, such as retirements and introducing new partners. We know that this can be a difficult time for you because in most practices these changes only happen every few years. We look at arrangements for paying the outgoing partner both from the retiring partners’ perspective and the practice perspective.
We look at buy-in options and fixed share and equity introductions. We can explain financial issues to your new partner and help them to become established in the practice and to understand the financial structure so that they can offer input to the management of the practice at an early opportunity. We offer a new partner pack for you to use when you are recruiting partners to brief them on the financial aspects of the package you are going to offer them.
We recommend new structures where we think they will work, largely for tax planning but also, sometimes, to achieve a more stable working environment for you.
NHS Pension Scheme
We offer comprehensive advice on all aspects of the NHS Pension Scheme. This includes looking at your monthly payments to make sure that these are in line with expected profits. We prepare your annual superannuation certificates. We give advance warning of superannuation payments as part of your annual accounts process.
We can look at your pension forecast and explain it to you, including considering whether you will affected by restrictions on tax relief through the annual allowance mechanism or whether you might be caught by the Lifetime Allowance tax charges.
Book-keeping and VAT returns
Book-keeping and VAT can be time consuming and sometimes technically difficult areas. Additionally sometimes there’s not enough volume to justify a full time employee, which is why more and more businesses are outsourcing these activities.
We offer outsourcing support in the following areas:
- Maintaining accurate prime accounting records
- Preparation of VAT returns, covering the complexities of VAT returns for dispensing practices
We pride ourselves on our benchmarking. We know that we take this further than other accountancy practices. We benchmark all aspects of your accounts, with detailed reviews of important areas, such as staff costs. We are continually refining our data and the way that we analyse it to continue to support our clients in understanding their finances. We also contribute to national benchmarking exercises to support our own data.
We look at all areas of tax planning – income tax, corporation tax, capital gains tax, VAT, inheritance tax. We look at innovative solutions for you, which might include using limited companies within your structure, particularly if your income is such that you are 45% tax payers – you can pay 20% tax instead! We explore options for changes in your partnership structure for maximum tax efficiency.
Other things we do
For our GP practice clients, we look at property ownership, surgery builds, through PFIs or by the practice. We work with banking contacts to help you to optimise your financial options. We work with IFAs who specialise in the healthcare sector to ensure that you get appropriate financial advice from a knowledgeable professionals.
We offer a payroll service to our clients. We either deliver this in-house or work with specialist agencies where applicable.