North East NHS workers: Tax planning and pension Q&A

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In the latest UK200Group blog post Director and nominated AISMA specialist Amy Park, Robson Laidler, answers a question she's asked frequently

Amy Park
We all ask ourselves that burning question…will I be financially OK I the future?

Here in the North East healthcare professionals, such as consultants, GPs, doctors and dentists need specific financial advice. The team at Robson Laidler Accountants have a dedicated healthcare service where all matters of accounting, taxation, financial planning, payroll and NHS pensions advice can be delivered as a holistic approach all under one roof.

And with the NHS going through a period of uncertainly, here’s one of the questions that our Director and nominated AISMA specialist Amy Park has been asked lately:

“What are the main issues you come up against when dealing with your GP and doctor clients?”

“Whilst tax planning and pensions will always be high on the agenda for discussion each time I meet with my clients, they are becoming more and more interested in better understanding their practice’s finances and how to use this information to strategically plan ahead. In fact, this is actually becoming more crucial if partners and practice managers are to run a successful business.

“Historically, clients will only really look at the practice’s finances when the annual accounts are delivered but they need to take note of the how the business is performing more regularly and use this data to benchmark and look for trends. Up-to-date figures can also be used to budget for changes in staff, understand if they are drawing too much or too little cash, what funds are available to invest or scope if loan finance is required.”

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