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, NHS pension annual allowance, and tax relief on professional subscriptions and indemnity insurance. They also help with private practice income, locum work, and capital gains on property or investments. By staying current with HMRC regulations, they ensure you claim every allowable deduction and avoid common errors that trigger investigations.
Why is it important to choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and adhere to strict ethical and professional standards. They are regulated by recognised bodies, which means they must keep their knowledge up to date and follow best practices. This provides you with confidence that your finances are in capable hands, and it ensures that the advice you receive is accurate and compliant with HMRC requirements.
How can an accountant help with my NHS pension and tax planning?
An experienced accountant can calculate your annual allowance and identify any potential tax charges, especially if you have high earnings or have experienced a significant pay rise. They can advise on options such as scheme pays, which allows you to pay tax charges from your pension, and help you plan your contributions to minimise the impact. This proactive approach prevents unexpected tax bills and protects your retirement savings.
What records should I keep for my accountant to prepare my tax return?
You should keep records of all income, including payslips, P60s, and invoices for private work. Also retain receipts for expenses like professional memberships, courses, travel, and equipment. If you have a practice, maintain accurate accounts and bank statements. Organised records help your accountant prepare your tax return efficiently and ensure you claim all allowable deductions.
Can an accountant help me if I am a locum doctor with multiple placements?
Yes, accountants who work with locum doctors are adept at tracking income from various NHS trusts and private agencies. They will ensure that your Self Assessment includes all earnings and that you correctly claim expenses such as travel, accommodation, and professional fees. Their expertise reduces the risk of errors and helps you manage your tax liability effectively.
How do I find a reliable accountant for my medical practice?
Start by searching directories like AccountingFirms.co.uk, which lists verified and regulated professionals. Look for accountants who specialise in working with doctors and who hold qualifications from ACCA, ICAEW, or AAT. Read reviews and compare services to find a firm that meets your needs. A good accountant will offer a free initial consultation to discuss your situation and explain how they can assist you.
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