Health care refers to the protection of the mental and physical health of humans against illness, disease, injuries, and mental and physical obliterations with the help of diagnosis, prevention techniques, and treatment. Both primary and secondary health care services are performed by health care specialists such as surgeons, doctors, dentists, psychologists, physicians, nurses, and pharmacists.
Primary Health Care
The local practitioner, physiotherapist, family physician, nurse, or pharmacist who provides basic consultation to patients and plays a role in the community with his/her health care service is providing primary health care. In other words, the professionals who have the first contact with patients and provide them initial medical assistance.
Secondary Health Care
The medical services that are practiced by surgeons, urologists, dental specialists, cardiologists, medical professionals and other medical specialists who usually do not have the initial interaction with the patients, are called secondary health care.
Major Challenges & Their Solutions
Increasing public scrutiny and accountability, consistently changing rules and regulations, and evolving International Financial Reporting are a few challenges that normally health care services providers face. The medical industry also has to stay competitive by making sure of the adoption of medical innovations and swiftly changing technologies and tools to protect the perpetual existence of the respective entity. Currently, we are referring to more than 30 health care businesses and have gained extensive experience and knowledge of how to deal with industry-specific accounting and taxation efficiently. At ProAccountax, you can get the expertise of our highly qualified and experienced accountants who are fully capable of facilitating your health care business with the existing and evolving accounting and taxation matters.
Tax Relaxations and Capital Allowances
Due to higher levels of competition in the health care sector, general health care service providers face a hard financial climate and increasing cash flow problems. On the contrary, even in the existence of cash flow problems, many of the service providers still oversee the opportunities to claim tax reliefs in the shape of capital allowances, but they do not know that the capital allowances can only be claimed over the major expenses like new build surgery or any extension or other succeeding expenses that meet the terms and conditions set by the HMRC. ProAccountax team will make sure to claim maximum tax releases that can add value to viability along with treating cash flow difficulties.
Accounting and Bookkeeping Services
Along with the industry-specific services, we also deal with the custom accounting and bookkeeping matters for the medical businesses in the UK.
Tax Preparation and Planning Services
ProAccountax provides annual accounts and tax planning services for medical businesses, including medical practices tax, income tax, Capital Gain Tax, and Inheritance Tax, and helps clients in meeting their deadlines.
If you are finding an inexpensive way to make your payroll processing more efficient, ProAccountax is there to facilitate you in the best possible ways. We can expertly deal with medical and health care businesses.
Xero Implementation and Training
With the implementation of a computerized system, you can expand your customer base as it helps in getting back the moving clients from passive patients to active ones. We recommend our valuable clients to implement Xero accounting software that is considered as the most reliable one is being used by a large number of businesses. ProAccountax can help you choosing the rightest version of the software, applying, and training your workers to operate it for your businesses effectually.
We are committed to facilitating our client businesses efficiently in every possible way. We assist our clients in achieving the highest aimed level of success by providing them complete, timely, effective, and value-added services at every stage of the clients’ business lifecycle.