February 3rd, 2012
Dental accountants with detailed knowledge and understanding of the profession can help those who are uncertain about their financial futures.
According to the British Dental Association, many would-be dentists are now being put off from entering the profession due to financial fears.
For students, these stem from rising tuition fees, which have made it cost as much as £9,000 per year to go to university.
However, there is also uncertainty about the future for many existing dentists, which is where experienced dental accountants can help.
“The difficulty of judgments about whether to take on uncertain levels of debt is further complicated because the shifting labour market into which dentists will graduate makes careers and future earnings more unpredictable than ever,” the BDA warns.
Our dental accountants can help to put your finances in order so that, even if you cannot predict the future, you know where you stand in the present.
Whether you are just entering the profession, or are an experienced dentist facing newly uncertain times, contact our Manchester accountants and we can help you to understand your position better.
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January 27th, 2012
Property tax can be difficult enough to work out at the best of times, but the economic turbulence of the past few years has made it an even more complex area.
The latest Land Registry figures show house prices down by 1.3% between December 2010 and December 2011.
However, they didn’t change between November and December of 2011, staying around the £160,000 mark on average in England and Wales.
For anyone looking to move, it’s a confusing time – do you need to pay property tax if your current house is in negative equity, or has dropped in value while you’ve owned it outright?
The answer to that question probably depends on your unique circumstances, but it’s worth checking carefully into property tax before completing your next move.
In a recent speech to the Resolution Foundation, Liberal Democrat leader Nick Clegg listed property tax – particularly on high-value homes – as a particular area of focus for the government in the months to come.
Speaking of tax-avoidance areas where the government needs to “be tough”, he listed “stamp duty avoidance – particularly on higher-end property sales – and the transferring of assets and income abroad”.
When you next look to move house, speak to us about property tax, and we can help you to make sure you don’t take any steps that could seem like unlawful avoidance.
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January 20th, 2012
Dental accountants can help those in the profession to work out what impact new pension proposals could have on their retirement income.
Speak to an advisor now if you need to be certain about your earnings later in life, and whether the government’s current proposals for NHS pensions will affect you.
The British Dental Association has written to every one of its members in the UK with a survey of their views on the proposed changes to NHS dentists’ pensions.
Among the questions asked are issues relating to retirement age – and whether dentists should still be working at 68.
But BDA chief executive Peter Ward adds that “it is important that all members who would be affected by the changes make their views known”.
Whether you are an NHS dentist or work in the private sector, dental accountants can help you keep track of your finances and plan for your future.
At Crawfords, we understand the precise nature of your profession – how it differs from other jobs and, particularly if you’re private, how you need to keep track of both your business and personal accounts.
Our dental accountants are here to help when you need us, from retirement planning to managing your tax liabilities. Give us a call to find out more.
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January 13th, 2012
Healthcare accounting may become more complex in the years to come, with the proposal of a payments system that recognises “good and excellent practice”.
That is one suggestion made by the NHS Future Forum in its latest set of recommendations, the second report made to health secretary Andrew Lansley.
“We want to see increased consistency and quality in education and training,” the document says.
It adds that this calls for “a payment system which reflects good and excellent practice and a live conversation about the importance of education and training”.
But it warns that such a move could prove difficult to adopt, due to the way in which it challenges the existing methods of recruiting and training NHS employees.
Accounting for doctors, nurses and other healthcare employees could become much more complicated if pay is based on performance in the years to come.
However, there are already plenty of complexities in healthcare accounting, making it important to seek professional help in order to avoid pitfalls such as paying too much tax.
At Crawfords, we can help to highlight some of the areas of accounting for doctors and nurses where particular attention is needed – and can guide you through those legislative minefields to keep your finances in order.
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January 6th, 2012
Some property tax questions have been around ever since capital gains tax and VAT were introduced.
Are there thresholds below which property tax does not apply? Can you include it in your asking price when making a sale? Should the buyer or the seller be aware of how much tax is being paid?
In the current market, though, there is a new issue – whether or not your property for sale is worth more or less than when you bought it.
Capital gains tax is, by definition, charged on any gains made on the value of a building between the times that it is bought and sold.
But in a turbulent market, some people are selling at a loss – so what does this mean for property tax?
Across both England and Wales, only London has seen house prices rise in the past year, by 1.4% – based on Land Registry figures for November 2011.
Everywhere else, prices are down. And that complicates property tax more than you might think.
For instance, you should not normally pay CGT on your own home. But if you would normally have to pay it, and you have made a loss this time around, you may be able to deduct that loss from any gains made – or, sometimes, from your income.
The rules in this area are complicated and very specific, so contact us with any property tax issues you might need clearing up.
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December 23rd, 2011
Dentist accountants can help to make sure those employed in the profession have more time to spend with patients, and are less distracted by balancing the books in their own time.
Figures published by Ipsos-MORI for the Department of Health show the latest performance levels achieved by the NHS’ dental services.
Of those who accessed NHS dental services between July and September, 83% considered their overall experience to be ‘good’.
However, 8% of those surveyed – roughly one in twelve – were unable to get a dental appointment on the NHS the last time they tried.
Dentist accountants could boost the availability of NHS dentists in future, by taking some of the personal admin associated with the profession out of their hands.
Specialist dentist accountants understand the specific nature of the role, and can process earnings, outgoings and other costs associated with the profession accordingly.
In turn, dentists have the peace of mind of knowing their financial affairs are in order on an ongoing basis – and can focus their attention entirely on the oral health of their patients.
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December 16th, 2011
Medical accountants can help doctors in struggling hospitals to be certain that their own finances are not exacerbating the problem for their employer.
According to a report from the House of Commons Public Accounts Committee, four out of five hospitals that have yet to attain foundation status are facing financial difficulties.
In some cases, these are compounded by private finance initiatives that leave the hospitals without total control of their own outgoings.
The consequence is that efficiency savings alone are not always sufficient to ensure the future viability of the hospitals concerned.
Doctors and other staff employed in such hospitals may want to enlist the help of specialised medical accountants to keep their own affairs in order.
With an ongoing focus on balancing the books, medical accountants can help doctors, nurses and surgical staff to be sure that their own income and outgoings are as they should be.
In turn, this commitment at the individual level may help struggling hospitals to find the firm base they need on which to build better financial performance in the future.
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December 9th, 2011
Medical accounting procedures in future can continue to incorporate tax relief for unusual but necessary use of taxis.
The government has been consulting on whether to abolish the relief, which allows employees to claim for up to 60 taxi journeys each year.
In order to qualify, the journey must be to get home from work after 9pm, in a location where public transport is unavailable or unreasonable, and must be an irregular occurrence.
However, the government has decided to retain the relief, which PricewaterhouseCoopers says could persuade HMRC to interpret any future claims in “the spirit of the exemption”.
“The consultation proved that potentially scrapping this relief would put security and safety of staff at risk, particularly women,” adds PwC tax partner Alex Henderson.
While for many doctors who work night shifts, the use of taxis would not be deemed ‘irregular’, there are others – such as general practitioners in remote locations – who could find they qualify if they are detained at work by an emergency.
As such, any receipts for such travel could be included in medical accounting calculations to receive relief on income tax and National Insurance contributions.
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November 25th, 2011
Healthcare accounting is something that benefits a range of medical professionals. One good example of this is doctors. For instance, if a group of doctors is setting up a new health practice then they will need to know about the tax and VAT implications involved in doing so.
Pharmacists can also benefit from healthcare accounting in a range of ways. This could be something as simple as making sure all the company accounts are in order or something bigger such as setting up a new pharmacy practice. Dentists can also benefit from this specialised accounting as they also have to deal with complicated issues that could benefit from expert advice, such as forming partnerships with other practitioners.
Perhaps, though, the people who benefit the most from healthcare accounting are the people who use medical services. After all, without good financial management it would be hard to deliver a quality service on a regular basis; a robust approach to accounting helps to improve a medical professional’s chances of providing their patients with the care they need.
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November 18th, 2011
Getting good value for money is important for everyone, and doctors are no exception. Auditing and accounting for doctors can definitely help with getting a good deal and so they are definitely worth considering.
Accounting for doctors is useful as it involves issues such as preparing accurate and readable end-of-year records, as well as maintaining payrolls and details of expenditure. Having a good idea of what your practice is spending is vital if you are looking for areas where you can either save money or get more for what you are spending.
This is where auditing can also help. An in-depth audit when combined with accounting for doctors can help to identify areas for change. For instance, your practice might be able to benefit from a new timetabling system or by changing some working practices.
It can often be hard to identify these changes when you are close to your business, so having an independent external auditor come in to look at things for you certainly makes a big difference. As well as identifying potential areas for efficiency savings, a thorough audit will also make sure all your financial records are accurate and reflect the work you have done.
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