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 tax issues do accountants for doctors handle?
Accountants for doctors specialise in areas such as Self Assessment tax returns, NHS pension annual allowance calculations, and tax planning for private practice income. They also assist with expenses unique to medical professionals, including indemnity insurance, professional memberships, and equipment costs. Their expertise ensures that you claim all allowable deductions whilst remaining fully compliant with HMRC regulations.
How can an ACCA or ICAEW accountant help with my tax return?
An ACCA or ICAEW qualified accountant brings rigorous training and a commitment to ethical standards. They will accurately prepare your tax return, identify potential savings, and advise on record-keeping. Their knowledge of HMRC’s digital services means your submission is made correctly and on time, reducing the risk of penalties. They also offer strategic advice on future tax planning.
Do I need a VAT-registered accountant if I am a doctor?
If your practice is VAT-registered, or if you are considering voluntary registration, an accountant with VAT expertise is essential. They will manage your VAT returns, advise on partial exemption rules, and ensure you reclaim input tax correctly. For doctors working through a limited company, VAT planning can also affect your overall tax position, making professional advice invaluable.
What is the difference between an accountant and a tax adviser for doctors?
An accountant typically prepares financial statements and tax returns, whilst a tax adviser focuses specifically on tax planning and strategy. Many accountants, including those listed on AccountingFirms, offer both services. For doctors with complex affairs, such as multiple income sources or pension issues, a combined service ensures that your accounts and tax planning are fully integrated.
How do I choose the right accountant for my medical practice?
Look for an accountant who has experience with medical professionals and holds a recognised qualification such as ACCA, ICAEW, or AAT. Check that they offer the specific services you need, such as payroll for practice staff or pension advice. Reading reviews and comparing local firms on AccountingFirms can help you find a professional who is a good fit for your practice.
Can an accountant help me with HMRC investigations or queries?
Yes, an experienced accountant can represent you during HMRC enquiries, helping to gather the necessary documentation and respond to queries. They will ensure that your records are in order and that you meet all deadlines. Having professional support reduces stress and helps protect your interests, especially if the investigation involves complex areas like IR35 or expense claims.
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