Services for Medical Practitioners
BCC act as accountants and tax advisors for a significant number of medical practitioners and consultants and have done for over 20 years. Due to our extensive experience, we understand the specific tax and accounting issues faced by the medical profession.
We have presented on a number of these areas far in advance of general awareness of their existence – these include
- Pension issues that exist in the area of tax relief of Occupational v Private Pension contributions and the options that are open to you. An accountant should always be in a position to advise on the type of pension structure RAC / PRSA / GMS for example not necessarily the institution you invest with. We have an excellent understanding of this area.
- Engagement of locums – Revenue have taken an aggressive approach, insisting that the majority of locums should be regarded as ‘employees’ of the practitioner. This involves deduction of tax and PRSI/USC but also gives rise to additional costs such as Employers PRSI and Holiday Entitlements. In our initial presentations on this back in 2009 we were meet with significant resistance from practitioners but this has happened and although it has caused huge difficulties for many GP, pharmacy practices, veterinary surgeries and more recently dentists these professions have with the help of their agents adjusted to the change.
- Locums in an effort to avoid this employment situation have on a number of occasions set up companies (incorporated). There are potential Vat implications here which need to be considered for both the Medical Practice and the locum’s new company.
- Revenue audits and how to avoid them using good house-keeping such as filing returns on time, paying taxes in a timely manner and staying aware of changes in your business sector.
Keeping proper books and records.
Specific business advice based on client requirements. We are always here to help based on our client’s needs.
We also feel our involvement with Business Medical and the experts we surround ourselves with keep us as up to date as possible.
If you are a medical practitioner who would like to hear more about the tax and accounting services we can provide, please contact Alan Connolly or Sandra Clarke for a Free Consultation