Want to save tax this year? Read this week’s short Tax Tip, tailored for UK doctors and dentists to help you save money and get more organised with your tax affairs. Take 5 minutes to have a read.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. The Financial Conduct Authority does not regulate tax advice.
Why it pays to get professional tax advice
Tax is a complicated subject, particularly if you want to pay less tax year-on-year.
These days there are plenty of online tools that enable you to be able to take care of your own finances and it is even possible to file your tax return direct with HMRC.
However, taking professional tax advice can:
- ensure that you pay the least tax possible
- help you to keep on top of your deadlines, and payments
- uncover new ways that you can enhance your tax position
- ensure you are always compliant with new regulations
- enable you to focus on your core business activities
Tax is a complex subject
Tax rules are always changing and professional advice ensures you are always abiding by new regulations, without having to keep abreast of all new changes to legislation yourself.
A good tax adviser will always be looking out for your best interests and keeping you informed of new (legitimate) tax schemes or tax saving opportunities.
Some areas of tax are particularly complex, including:
- Property tax
- Inheritance tax
- Business acquisition and sale
Qualities of a good tax adviser
On occasions you will find a tax adviser that by far exceeds your expectations and with whom you can form a solid relationship.
Many times though this doesn’t happen by chance. A recommendation from a friend, colleague or another trusted professional may provide a short-cut.
Qualities to look for in a good tax adviser include:
- Honest advice about your tax position
- A good tax adviser will speak to you using language you understand
- Forward thinking and pro-active
- A good tax adviser will contact you regularly
- Keen interest to understand all the details of your tax affairs so they can best help you succeed
- Desire to maximise your tax savings, but whilst always operating within regulations
- Don’t be fooled by tax advisers that promise to save you money by unlawful activities as this puts you, your family and your assets at risk
- Specialist experience in the tax affairs in your sector
- There are many medical and dental specialist accountants and tax advisers that have experience in the specific tax affairs of your sector
Dental & Medical Financial Services work alongside many healthcare specialists to give you access to the best advice.