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Selling and purchasing a practice

Mr Paul Redmond outlines the main issues involved when a GP decides to sell their share of a practice, both from the selling and purchasing perspective Most medical centres are owned by several GPs who are in partnership within the practice together. When GPs approach retirement, many will consider the possibility of selling their share…

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What doctors should know about income tax

With the Halloween deadline for paying and filing tax returns looming close, it is important to be familiar with the details on how income tax works Returns for 2018 are due for filling by 31 October 2019. However, for those who are filling and paying through Revenue’s Online system (ROS) an extended deadline of 12…

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Practical arrangements to make for your practice should your business partner become ill

I have been asked this question a few times in the past number of years. Each time, many different emotions have arisen during the discussion, such as confusion, empathy, worry and stress. No-one likes to think about illness or death; however, they are a fact of life and can strike at any time.Many of us…

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‘Do I need to value my practice and if so why?’

Mr Paul Redmond lists the main reasons why it is important for GPs to value their practice I have often been asked by GPs whether they should value their practice and I have always given the same reply. The answer is absolutely yes. Anybody that is self-employed and in business does have an asset in…

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The importance of setting personal and financial targets for GPs

Mr Paul Redmond gives tips on how to set achievable business goals for your medical practice Managing a medical practice is hard work – harder than most of us can even imagine – and many practice owners put in massive amounts of effort to make sure their business thrives. Having a clear objective can help…

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