Are you a therapist looking for specialized accounting services in the UK? Look no further! GoForma is here with expert accountants for therapists who understand the unique needs of therapists and psychologists. With our comprehensive range of accounting services tailored specifically for psychologists, psychotherapists, and counsellors, we ensure your financial peace of mind, allowing you to dedicate your time and energy to what you do best - helping reduce psychological distress and promote psychological well-being. Discover how GoForma can save you time and money by managing your therapy practice finances in one convenient place.

What Expenses Can Therapists Claim?

Tax allowable expenses lower your taxable income while supporting your business goals, below are the allowable expenses therapists can claim:

• Rent for your private practice office
• Office supplies and equipment
• Professional liability insurance
• Continuing education and training expenses
• Marketing and advertising costs
• Membership fees for professional organizations
• Utilities and maintenance expenses

Partnering with an experienced accountant ensures a seamless process for claiming deductions on your tax return. Say goodbye to financial headaches and give yourself the gift of enough time to focus on your clients.

How Psychotherapists Can Benefit from Having an Accountant:

Having a dedicated psychologist accountant for your therapy practice offers numerous benefits, including:

• Time and Focus: By entrusting your accounting needs to professionals, you can devote more time and energy to your clients and the growth of your practice.
• Accurate Financial Records: A qualified therapist accountant ensures precise record-keeping, reducing the risk of errors and providing a solid foundation for financial decision-making.
• Tax Compliance: Stay compliant with ever-changing tax regulations and avoid penalties by relying on accountants who specialize in therapist accounting.
• Optimized Tax Savings: Expert accountants identify tax deductions and allowances specific to therapists, ensuring you take advantage of all eligible tax benefits.
• Financial Planning: Accountants provide valuable insights into your practice's financial health, helping you make informed decisions, set goals, and plan for the future.

Why Choose GoForma to Hire Accountants for Therapists:

1. Expertise in Therapist Accounting: GoForma specializes in providing accounting services exclusively for therapists, ensuring we understand the unique financial needs and challenges you face in your practice.
2. Peace of Mind: Our team of experienced accountants for therapists ensures accurate financial records, compliance with tax regulations, and timely filing.
3. Personalized Approach: We know that every therapist's practice is different, which is why we offer personalized accounting solutions tailored to your specific requirements, helping you optimize your financial performance.
4. Industry Knowledge: With in-depth knowledge of the therapy industry, we stay up-to-date with the latest tax regulations, deductions, and allowances relevant to therapists, ensuring you maximize your tax savings.
5. Technology-Driven Solutions: GoForma leverages best accounting software specifically designed for therapists, enabling streamlined financial management and efficient bookkeeping processes.

What Do Our Accountants for Psychologists Help with?

Bookkeeping for Therapists:

‍We handle your financial records, ensuring accurate and up-to-date bookkeeping, including income, expenses, invoicing, and reconciliation.

Tax Preparation and Planning:

Our expert accountants prepare your tax returns, optimize your tax deductions, and provide proactive tax planning strategies to minimize your tax liability.

Financial Reporting:

We generate detailed financial reports, offering valuable insights into your practice's financial performance, helping you make informed decisions and drive growth.

Payroll Services:

If you have employees or contractors, we handle your payroll management, including calculating wages, tax withholding, and generating pay cheques.

Business Advisory:

‍Our team provides personalized financial advice, assisting you in business planning, budgeting, cash flow management, and practice expansion strategies.

How Much does Accounting for Therapists Cost in UK?

The cost of psychologist accountants in the UK can vary depending on several factors, including the size of your practice, the complexity of your financial needs, and the specific services you require.

• Hourly Rate: Some accountant firms charge an hourly rate, typically ranging from £75 to £200 per hour. This rate may vary based on the experience and expertise of the accountant, as well as the location of the firm.
• Monthly Retainer: Many accountant firms offer monthly pricing packages for ongoing accounting services. The cost can range from £75 to £1,000 per month, depending on the complexity of your practice and the level of services included.
• Fixed Fee: For specific accounting services, such as tax return preparation or financial statement audits, accountants may provide a fixed fee quote.

Accounting for Private Practice Therapists

For private practice therapists, effective bookkeeping is crucial. It ensures that your therapy practice's financial records are accurate and well-organized, helping you make informed decisions about your business goals. Properly tracking income and expenses allows you to evaluate the financial health of your practice and identify areas for improvement. Managing client payments and invoicing is also essential. Maintaining a streamlined cash flow and staying on top of bookkeeping can greatly reduce the stress associated with financial management. With a specialized accountant for therapists, you can have peace of mind knowing that your bookkeeping is in good hands.

Best Accounting Software for Therapists                              

At GoForma, we use a specialized accounting software, designed specifically for therapists. While the specific software we use may vary over time, we ensure that it is tailored to meet the unique accounting needs of therapists, psychologists, psychotherapists, and counsellors.

Our aim is to leverage software solutions that offer efficiency, accuracy, and seamless integration with your practice operations.

When you partner with GoForma, we offer FreeAgent access as part of all our competitively fixed-fee accounting packages. Freeagent is an efficient accounting software which ensures your financial affairs are managed with expertise and precision.

Accountants for Therapists, Psychologist and Counsellors in the UK

With GoForma as your trusted accountant, you can say goodbye to the headaches of bookkeeping, tax returns, and paperwork, and instead, dedicate enough time to your therapy practice. Let GoForma handle your financial burdens, including bookkeeping, VAT registration, payroll, and income tax, while you focus on providing quality care to your clients. Partnering with GoForma is like having a dedicated CPA by your side, providing you with the financial peace of mind you deserve.