Presentation on Accounts & Taxation By Mr.

Transcript:Presentation on Accounts & Taxation By Mr.:
Presentation on Accounts & Taxation By Mr. Muhammed Azeem Dosani Introduction Hi my name is Muhammed Azeem Dosani. I am a partner at a local accounting firm, Fletchers Thatchers & Dosanis. We specialise in providing services to doctors. Before we start, I would like to congratulate all of you. Some of you have passed your CSA & AKT, while others are on their way soon. Introduction to accounts Today I will presenting a lecture on accounts, that are relevant for medical practitioners and the industry itself. -What are accounts? I will explain this in the form of a short story so it is easy for everyone to relate. When I was in year 3, I was taken on a picnic to a local park. I had a really nice day and really enjoyed myself. The next day, I was told to write an account of the day at the park. Before I started out, I thought accounts was a story, which is, in fact, true. Self- employment vs. Employment Locum Partner in a practice. Expenses can be claimed. Options: Ltd co. Vs. Self-employment Qualitative factors to consider Legal advice Subscription paid by the partnership when one partner has to go through disciplining committee proceeding locum. Money paid by the practice. Everybody suffers financially. Senior partners – age Culture of the organisation & morale of the staff. Partnership is like a marriage. If successful, it leads to peace of mind. If its unsuccessful (divorce), it is very stressful and could adversely affect health. Introduction- continued An account is a story. It is a story of about the income, expenditure, assets & liabilities of a particular individual or organisation. It provides valuable information that helps us in keeping the tax affairs up to date. It is an overview of how well an organisation has performed, whether its made more profit than the previous year, or the overall profitability has gone down. What are practice accounts It is a historical record of the financial performance of the practice. The accounts are prepared using the books and records that the practice maintain throughout the year. They consist of profit & loss accounts and Balance Sheet. Some practices make periodic management accounts which help them to work out how much each partner should withdraw. Profit & loss- record of practice income & expenses. Balance sheet- provides practice with a value of their assets & each