Professional Practices
Professional practices usually need less bookkeeping and more tax structure: multiple income heads, presumptive-taxation decisions, and a clean line between personal and practice money.
What goes wrong in this sector
- Practice and personal transactions running through one account
- Presumptive versus regular taxation not evaluated
- Advance tax underestimated, interest paid every year
- Equipment and premises purchase decisions taken without the tax view
What we do about it
- Separation of practice and personal books
- Regime and presumptive-scheme comparison
- Advance-tax computation across all four instalments
- Capital expenditure planning with the tax impact stated