Avoid long arm of the taxman

When starting out in private practice, it is easy to forget that you are running a business and you need to understand requirements at the outset if you are to avoid the long arm of the tax inspector. Ian Tongue outlines the importance of good record-keeping and gives some useful tips.

Keeping adequate clinical records is a given, but business records must also meet certain requirements and HM Revenue and Customs (HMRC) has the powers to fine businesses that do not comply.

There is also an important link between the two, as certain procedures may be subject to VAT and therefore it is vital that the clinical notes support the VAT status. More on that later.