Your second steps in private practice

Your ‘year two’ in private practice is a time for a review, says Ian Tongue.

No doubt your first year of private practice has been a whirlwind, but it is important that you take time to pause and ensure you are best placed for your second year onwards.

Taking advice from a medical accountant can be invaluable to ensure that you are running your business efficiently and not overpaying tax.

Trading structure

The single most important decision nowadays is which trading structure to run your private practice. It is important to understand that, as your circumstances change, so can the optimum trading structure, so make sure you are discussing your circumstances with your accountant annually.