Chartered Accountants and Business Advisors
for Healthcare Practitioners

 

Welcome to Ainsworth Healthcare Accountants

We are Chartered Accountants specialising in accounting and tax for UK health professionals.

Our clients include Doctors, Chiropractors, Osteopaths, Podiatrists, and other complementary healthcare professionals.

We particularly specialise in sole practitioners, locums, associates and contracting professionals, and welcome enquiries from newly qualified practitioners.

Please let us see if we can help you.

[This website is under development in February 2018, most links below are to our current website.
Please visit our main website:  Medical and Healthcare Accounting and Tax Service]

Accounting and Tax Services for Healthcare Professionals

If you are a new practitioner, we can register your new business with HMRC and help you with bookkeeping records.

We can also create a Limited Company for you, or first discuss the pros and cons.

We can supply a free spreadsheet for your bookkeeping which estimates your tax liability, and we provide the necessary training.

Or if you prefer, we are also able to help you choose the right accounting software and train you if required. We particularly recommend QuickBooksQuickBooks Online and FreeAgent.

If you started a business as a Sole Trader between 6th April 2017 and 5th April 2018 the online filing deadline for Self Assessment is 31st January 2019. We prefer to file much ealier.

If you are trading as a Limited Company the timing for the first company accounts and tax return depends when the company was first formed.

Limited Company or Self Employed?

We can help you consider the differences between being Self Employed/Sole Trader and a Limited Company.

If you are recently qualified, or currently registered as Self-Employed, and are considering whether you should practice as a Limited Company, please see our guide Sole Trader or Limited Company ? which explains many of the differences between them.

Limited Company Information

Our Accounting and Tax Service for Healthcare Professionals  includes Limited Company FormationFinancial Accounts Preparation and FilingCorporation Tax FilingPayroll/PAYE and Software Supply & Support.

We will form a Limited Company for you, free of charge, and complete the registrations with Companies House and HMRC. This is subject to the condition of an annual contract to include Accounts & Tax filing, PAYE and Self Assessment, and the first instalment being paid in advance.

We will also supply you with our free spreadsheet to record your fees and expenses, which produces a Profit & Loss Account and Trial Balance and a running estimate of Corporation Tax payable.

We also provide bookkeeping training and support – please see below.

During the year we will process your salary and dividend payments, and at the Year End we will file your company accounts and tax, and your personal Self Assessment.

Our website includes information on:

• Limited Company Formation
• Limited Company Accounts
• Corporation Tax
• Directors
• Shareholders
• Dividends
• Self Assessment
• Income Tax
• PAYE Guide and Payroll Service & Software Options

Self Employment Information

We will prepare your accounts and file your Self Assessment with HMRC.

Our fees for the preparation of Self Employed/Sole Trader Accounts and Tax Filing are from £30.00 per month from June following an April tax year end. 33% discount is available for newly qualified and new to practice. Fees may vary if your income is more complex, eg. investments and property letting.

We offer a free spreadsheet for bookkeeping, however we find that most people require training for the first two or three months.

We offer a block 5 hour training arrangement for £50.00, which includes email and telephone training.

For basic transactions, eg. your fee invoices and expense claims, the additional bookkeeping service is unlikely to be necessary after the first few months.

For UK Tax purposes a Sole Trader is classified as Self-Employed, and files accounts and tax returns by Self Assessment, paying Income Tax on the business profits, and usually also Class 2 National Insurance and Class 4 National Insurance.

For a Sole Trader, there is no legal distinction between the owner of the business and the business itself. A Sole Trader is not an employee of the business.

The Sole Trader is entitled to keep the profits of the business, after paying any tax, but a Sole Trader has unlimited liability for the debts of the business.

The potential taxes include:

• Income Tax
• Class 2 National Insurance>
• Class 4 National Insurance
• PAYE (only if you employ staff)

Bookkeeping Training & Support

We supply a free spreadsheet for bookkeeping, however you may prefer to use online software which we support, eg. QuickBooks Online or FreeAgent.

We find that clients are able to keep good records, but will need training in the first year. We suggest an initial 5 hour training arrangement which includes email and telephone training.

For basic transactions, eg. your fee invoices and expense claims, this additional bookkeeping training is unlikely to be necessary after the first year.

If we do all the bookkeeping for you, it will be on the HMRC QuickBooks software, and we will supply you with monthly business reports.

Software & Apps

With the right software, a considerable amount of the accounting and administration burden can be eased.

The new breed of online accounting software, together with additional apps, are available on PC, Mac, tablet and smart phone, enabling online access to update your records, raise sales invoices, check reports, file VAT Returns and manage PAYE/Payroll.

We support both FreeAgent and QuickBooks Online

We also offer a free spreadsheet already set up for your record keeping.