Healthcare referred to the protection of physical and mental health of human beings through diagnosis, treatment, and prevention techniques from disease, illness, injury and other physical and mental destruction. Health care delivery by health professionals like doctors, nurses, surgeons, physicians, psychologist, dentist, and pharmacists.It includes both primary care and secondary care activities.
Primary health care referred to health care services which play a role in the local community such as general practitioner or family physician, physiotherapist, nurse or a pharmacist who act as the first point of consultation for all patients.
Secondary health care referred to medical services practiced by cardiologists, urologists, endodontists, surgeons, dental specialists, medical specialists, and other health professionals who generally do not have the first contact with patients.
Major Challenges & Their Solutions
Few challenges faced by the healthcare providers are constantly changing regulations, emerging changes in International Financial Reporting Standards, increasing accountability and public scrutiny, In addition to this the medical industry has to ensure frequently adaption of medical innovations and rapidly changing technologies in order to secure the perpetual existence of the entity and to remain competitive.
We are currently working with more than 30 healthcare clients. By working with these clients from many years our tax & accounting experts have gained extensive knowledge for providing taxation, and accountancy service to the healthcare sector.WeAccountax have unique expertise to aid healthcare businesses with current and emerging accountancy & tax issues affecting their sector.
Tax relief and capital allowances
General healthcare practice faces a tough financial climate and cash flow problems due to the high level of competition and expensive professionals in the health care sector. However, in presence of cash flow issues, many organizations still overlook the opportunities to claim tax relief in the form of capital allowances. They are not aware of the capital allowances available on some of the major expenses such as a new – build surgery or extension and other qualifying costs and even certain professional fees which can be recovered.WeAccountax team will ensure to claim maximum tax reliefs which could add value to profitability along with addressing cash flow problems.
Accounting and Bookkeeping Services
In addition to the industry – specific services we also provide traditional accounting and bookkeeping services to UK area medical businesses.
Tax Preparation and Planning Services
WeAccountax offers both medical practice tax preparation services and year-round tax planning along with personal taxes for your professionals.I.e.Capital Gain Tax, Inheritance Tax.
Payroll Services
Do you looking for a cost – effective way to make more efficient payroll processing ? WeAccountax offers full payroll outsourcing services to medical practices and other healthcare – related businesses.
Xero startup and Training
By applying strong computerized system you can get back to your customer moving from passive patients to active individuals.We recommend Xero a s it is the most reliable accounting software in the medical sector.If you are considering incorporating Xero into ya our business, WeAccountax will help you select the right version of software, implementing and training your staff to operate it.
Our mission is simple – assist each individual client to attain the highest targeted level of success and provide effective, complete, timely and value added services throughout the many diverse stages of a client ‘s business lifecycle.
