Specialist therapist accounting from expert accountants for therapists

As a therapist, your main focus is helping your clients improve their mental and emotional well-being. However, managing your finances can be a challenging and time-consuming task that takes you away from your core mission. Specialised accounting services for therapists can make a significant difference in your practice.

GoForma is here with expert accountants for therapists who understand the unique needs of therapists, counsellors, and psychologists.

Why therapists need specialised accountants

Therapists face unique financial challenges that make specialised accounting essential. From managing complex income structures to understanding industry-specific deductions, therapists can benefit greatly from working with accountants who know their field inside and out.

Here’s why specialised accounting can make all the difference for therapists:

• Complex Income Management: many therapists work in diverse arrangements—some are fully self-employed, others have mixed income from employed and self-employed roles, and some operate as limited companies. Handling income across these various setups can be complicated, requiring a clear understanding of tax laws, income categorisation, and proper record-keeping. A specialised accountant knows how to manage these different income streams, ensuring accuracy and compliance in reporting.
• Confidentiality Assurance: our accountants for therapists are trained to handle sensitive information with the utmost confidentiality. They implement secure processes to protect client data while maintaining accurate financial records.
• Regulatory Expertise: our accountants stay up-to-date with healthcare regulations and tax laws, ensuring your practice remains compliant. This helps you avoid penalties and ensures that all financial activities are above board.
• Accurate Expense Tracking: our specialised bookkeeping will help you track expenses carefully, categorising them for easy reference and maximising your tax deductions. This leads to better financial clarity and savings.
• Unique Deductions and Allowable Expenses: therapists have access to specific tax deductions that can help reduce their overall taxable income. These might include expenses for therapy materials, office rent or therapy room hire, continuing professional development (CPD) courses, and supervision fees. However, identifying and claiming these deductions correctly requires insight into what is allowable by HMRC. An accountant with expertise in the therapy sector understands these expenses, helping therapists maximise their claims while staying fully compliant.
• Time Efficiency: Therapists are busy professionals. Balancing client sessions, paperwork, and practice management often leaves little time for accounting tasks. Keeping track of finances can be overwhelming when added to a therapist’s already full workload. By taking over financial management tasks, accountant for psychotherapists free up your time, allowing you to focus more on your clients and less on paperwork.

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.

Why Choose GoForma as your accountants?

Our accountants for therapists service goes beyond compliance, providing specialised support designed to help your therapy practice thrive. Here’s why choosing us is a valuable step toward financial peace of mind.

1. Expertise in therapist accounting: GoForma specialises in providing accounting services exclusively for therapists, ensuring we understand the unique financial needs and challenges you face in your practice. Our team has in-depth knowledge of the therapy profession, ensuring that we provide the most relevant and effective accounting solutions for your practice.
2. Dedicated accountant: You’ll have a dedicated accountant who knows your practice and is committed to supporting your financial needs. This personalised approach ensures you always have someone familiar with your specific requirements.
3. Tailored financial solutions: We don't believe in one-size-fits-all. Our therapist accountants customise accounting services to meet the specific needs of your practice. Whether you need help with bookkeeping, tax preparation, or financial planning, we create solutions that work best for you. We can also advice on the best company structure for your practice.
4. Experienced and certified accountants: Our team consists of experienced and certified accountants for counsellors. With years of experience and professional qualifications, we ensure that your finances are in capable hands.
5. Transparent and competitive pricing: Our pricing is clear and competitive, so you know exactly what you are paying for. There are no hidden fees or surprises, just straightforward and affordable accounting services.
6. Excellent Client Support: Our excellent client support means you can rely on us for quick and helpful responses to your questions and concerns. We pride ourselves on building strong relationships with our clients and providing the best support possible.
7. Partnership with FreeAgent Accounting Software: as a platinum FreeAgent accountant we believe that this is the best accounting software specifically designed for therapists.This partnership allows us to offer you a seamless, efficient, and user-friendly accounting experience. When you join GoForma accounting, you get access to FreeAgent accounting software at no extra cost.
8. Regular Deadline Reminders: We send timely reminders for key deadlines to ensure that your filings are always completed on time, avoiding any unnecessary stress or penalties.

What do our accountants for therapists 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 filing:

Our expert accountants prepare your self assessment tax returns, optimise your tax deductions, and provide proactive tax planning strategies to minimise your tax liability. Our tax accountants for therapists also handle all aspects of tax filing, ensuring that your taxes are filed accurately and on time.

VAT Registration and Filing

Our accountants can ensure that your VAT registration is completed accurately and on time, and we submit your VAT returns to ensure compliance with HMRC regulations.

Expense Tracking

‍Therapists have specific expenses that qualify as tax-deductible. We help you track and categorise essential therapy-related costs such as equipment, continuing professional development (CPD) courses, therapy room rental, and supervision fees. By accurately recording these expenses, we can reduce your taxable income and improve your financial position.

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:

Our accountancy services for therapists instructors includes managing your payroll with precision, ensuring that your employees are paid accurately and on time. We manage payroll for your staff, handling payslips, pensions, and tax filings to keep you compliant.

Business Advisory:

Our chartered accountants for psychotherapists help you develop long-term financial strategies that support the growth and stability of your practice. Our advice covers areas such as budgeting, cash flow management, and financial goal setting.

Getting started with GoForma

Running a therapy practice is demanding, and managing finances shouldn’t add to your stress. Our accountants that specialise in therapists, psychologists and counsellors understand the unique financial aspects of your work. We’re here to ensure your practice stays compliant, financially healthy, and optimised for tax efficiency, allowing you to focus more on your clients.