Healthcare

Do you talk with your adviser about your short, medium and long-term plans? This should regularly be on the agenda, as a specialist adviser may be able to put opportunity your way. Whether you are growing your business, or considering potential succession planning options, they should be able to help you achieve your goals. A regular discussion around your plans is crucial in order to get the optimum results for both you and your business.

Are you confident that you have the optimum structure in place for yourself, your family and your company? For example, is a group structure more efficient than stand-alone companies, or has the property ownership structure been considered from a tax perspective? These are just examples – there are many areas to consider and it is important to keep your structure under review, from an ongoing tax efficiency and commercial risk perspective, but also if there is an exit planned.

Does your adviser have a strong network of connections with other industry professionals? Your adviser should be introducing you to other experts who can make a real difference to your business – whether that is an experienced lawyer, recruiter, banker or cost consultant, there is nothing like a personal recommendation.

Is your adviser up to date with the latest developments in the industry, and do they share this information with you? Sector updates can be informative and enlightening, especially when we are often so busy with the ‘day job’. Your adviser should be sending you succinct and relevant sector updates.

Your adviser should be keeping an eye on the way that you extract your monies from the business, with a view to keeping as much in your pocket as possible, rather than HMRC’s! It might sound like a simple one, but timely remuneration planning is still often lacking, without the right advice.

Does your accountant have sufficient expertise to answer what may be perceived as a difficult question? Working with a team of specialists who have a wealth of knowledge of your sector, ensures that you have access to those with experience in answering not only general accounting queries, but also those more specific to social care.

Does your adviser have the depth of experience to be able to offer you a full service? For example, if you are on an acquisition trail, an experienced corporate finance and due diligence team that understands the sector will be invaluable to you. Furthermore, having a number of clients operating in similar industries, a specialist adviser could offer assistance with benchmarking your costs, in order to identify potential opportunities to improve profit levels.

Do you contact your adviser regularly, or is it just once a year to discuss the end of year accounts? As well as knowing exactly what your compliance requirements are, whether for Companies House, HMRC or other regulatory bodies, your accountant should be a trusted source that you feel you can contact any time – to just run through an issue, or mull something over!

Does your accountant come up with ideas, or are you simply receiving a compliance service? Most accountants can prepare your year-end accounts and file your tax returns, but the good ones come up with ideas and suggestions, and even challenge your thinking!

You will have much greater peace of mind if you work with an accountant and tax adviser with the right kind of background, and specialised understanding of your business and the industry in which it operates.