
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More

ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What specific services do accountants for doctors provide?
Accountants for doctors provide a range of services including Self Assessment tax return preparation, tax planning, bookkeeping, payroll, and VAT management. They also offer advice on pension contributions, which is particularly important for doctors due to annual allowance rules. Many also assist with setting up and running limited companies for private practice, ensuring compliance with HMRC regulations.
How can an accountant help with HMRC tax investigations?
If HMRC opens a tax investigation into your affairs, an experienced accountant can represent you and manage all communication with the tax authority. They will help gather the necessary documentation, prepare responses, and ensure that your rights are protected. This reduces stress and helps resolve the matter efficiently, often avoiding penalties if there was no deliberate wrongdoing.
What qualifications should I look for in an accountant?
Look for qualifications from recognised professional bodies such as ACCA, ICAEW, or AAT. These accreditations indicate that the accountant has completed rigorous training and adheres to high ethical standards. Additionally, they are required to undertake continuous professional development to stay current with tax laws and regulations, ensuring you receive accurate and up-to-date advice.
Why is it important for doctors to have a specialist accountant?
Doctors often have complex financial situations, including multiple income sources, locum work, and NHS pensions. A specialist accountant understands these unique circumstances and can provide tailored advice to optimise tax efficiency. They are familiar with specific reliefs and allowances available to medical professionals, helping you keep more of your hard-earned income whilst remaining compliant with HMRC.
Can an accountant help with VAT registration for a private practice?
Yes, an accountant can assess whether your private practice income exceeds the VAT threshold and advise on whether registration is mandatory or voluntary. They can handle the registration process, prepare VAT returns, and advise on reclaiming input tax. This ensures you meet your obligations and avoid penalties, whilst maximising any potential VAT recovery.
How do I choose the right accountant for my medical practice?
Consider factors such as experience with medical clients, qualifications, and the range of services offered. It is also important to check reviews and ask for references. Meeting with potential accountants to discuss your needs and their approach can help you gauge whether they are a good fit. Ensure they are registered with a professional body and have appropriate indemnity insurance.
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