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Therapists offer considerable support to their clients, but who do these professionals turn to for help when it comes to tax returns and accounting? All specialists need safe hands on their accounts, and at Auditox Accountancy, we offer specialist accounting services, with accountants for therapists skilled in your line of work.
Yes, therapists in the UK can operate under various business structures, including as self-employed, sole traders, or through a limited set-up.
Some of the key areas where we can advise you, in more than just accountancy services, include:
Regardless of the business structure, therapists in the UK must adhere to specific regulations, especially if they are in a regulated profession like clinical psychology. They might need to be registered with a professional body, such as the British Association for Counselling and Psychotherapy (BACP) or the Health and Care Professions Council (HCPC).
The implications can vary depending on the business structure, but bookkeeping, financial record keeping and managing personal tax returns is vital. It's advisable to consult with an accountant or advisor to understand the best option for your specific situation, and to get expert support in managing expenses in your office, and throughout every business process.
Given the complexity of these matters, it's always advisable for specialists to consult with an accountant or advisor to ensure they are compliant and making the most of any available allowances or reliefs.
At Auditox Accountancy, we are more than happy to offer guidance, advice or any service you need when operating as a therapist.
Our specialised accountancy services are tailored to meet the specific needs of therapists, ensuring that they can focus on their clients while we handle the intricacies, letting you reap the benefits with less of the burden.
Our bookkeeping services are designed with therapists in mind. We understand the nuances of therapy-related income and expenses, ensuring accurate and organised records from a self-assessment tax return to intricate taxation aspects.
Utilising the latest accounting software, therapists can easily upload receipts, track expenses, and view financial summaries at their convenience.
Our team ensures that all transactions are reconciled monthly, providing therapists with up-to-date insights and peace of mind.
From setting up new employees to handling end-of-year accounts, our payroll services cover every aspect of payroll for a private therapy practice or office, including banking aspects.
We prioritise the privacy of both therapists and their staff, ensuring all payroll data is handled with the utmost confidentiality.
Stay compliant with all UK payroll regulations. Our team stays updated with the latest changes, ensuring your practice is always in line with legal requirements.
Our experts work closely with therapists to develop strategies that minimise liabilities and maximise savings.
We conduct annual reviews to ensure therapists are taking advantage of all available reliefs and allowances.
With our forward-thinking approach, therapists can anticipate future implications, allowing for informed decision-making and proactive planning.
Navigating VAT registration can be complex. Our team guides therapists through the process, ensuring accurate and timely registration.
We prepare and submit quarterly VAT returns, ensuring they are accurate and submitted on time.
With the intricacies of VAT, our accountants provide expert advice on VAT-related issues, from determining if registration is necessary to understanding how VAT impacts pricing and fees for therapy services.
We offer Making Tax Digital (MTD) services, streamlining their affairs in line with the UK's digital initiative. These services include setting up and managing digital accounts, ensuring seamless integration with compliant software solutions, and providing real-time updates on liabilities.
By leveraging these MTD services, therapists can effortlessly meet their obligations, benefit from increased accuracy in their reporting, and gain a clearer, real-time view of their position, all while focusing on their primary role of providing care to their clients.
At Auditox Accountancy, our commitment is to provide therapists with top-tier accountancy services, allowing them to focus on what they do best – helping a client. From bookkeeping to managing taxes, we have accountants who are accounting specialists in the field of therapists, managing your businesses money more effectively.
Contact us today to enjoy the benefits of specialist accountants managing your taxes and offering support and advice that helps you better care for your clients.
Yes, we can assist in audit defence should HMRC decide to investigate your practice. We can help compile all necessary documentation, provide representation, and guide you through the audit process to ensure compliance with UK laws.
Absolutely, we offer accounting services tailored to both individual therapists and group practices. The services can range from personal tax planning to more complex accounting needs like partnership structures and corporation tax for group practices.
Through strategic tax planning and utilising allowable deductions specific to therapists, we can help you optimise your income. We'll also guide you in implementing efficient bookkeeping practices, enabling you to focus more on your practice and less on administrative tasks
We calculate the depreciation on therapy equipment in line with the UK’s Capital Allowances Act, utilising methods like Writing Down Allowances to spread the cost over multiple years. This ensures you maximise tax reliefs and make the most of your assets.
Yes, we can assist in audit defence should HMRC decide to investigate your practice. We can help compile all necessary documentation, provide representation, and guide you through the audit process to ensure compliance with UK laws.
Absolutely, we offer accounting services tailored to both individual therapists and group practices. The services can range from personal tax planning to more complex accounting needs like partnership structures and corporation tax for group practices.
Through strategic tax planning and utilising allowable deductions specific to therapists, we can help you optimise your income. We'll also guide you in implementing efficient bookkeeping practices, enabling you to focus more on your practice and less on administrative tasks
We calculate the depreciation on therapy equipment in line with the UK’s Capital Allowances Act, utilising methods like Writing Down Allowances to spread the cost over multiple years. This ensures you maximise tax reliefs and make the most of your assets.