
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

Figures (UK) Accountancy Services
Figures UK takes a different approach to company book keeping and accountancy work – you won’t find us hunched in grey suits between stacks of files. ...See More
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Additions Accountancy
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Virtue Accountants Ltd

LeeP Accountants Registered in England & Wales
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Bird & Co
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J C Accounting Ltd
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Msi Accountancy Services
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FLEXIE ACCOUNTANTS LTD
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HHR ACCOUNTANCY LTD
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Matrix Accountancy Services Limited
Will Farmer FMAAT, AAT Licensed Accountant and Director of Matrix Accountancy Services Limited Hi I'm Will, In 2012 I...

Matrix Accountancy Services
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T.Y.E BOOKKEEPING LTD
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Accounting4Actors
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Ashden Accountants
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Frequently asked questions
What specific services do accountants for doctors provide?
Accountants for doctors offer a range of services including Self Assessment tax return preparation, practice accounts, VAT returns, payroll for practice staff, and tax planning. They also advise on pension contributions, which are particularly important for doctors due to the annual allowance and lifetime allowance rules. Additionally, they can help with setting up a limited company for locum work, ensuring that you remain compliant with HMRC regulations whilst optimising your tax position. Their expertise is tailored to the unique financial circumstances of medical professionals.
How can an accountant help me with HMRC tax investigations?
If HMRC opens a tax investigation into your affairs, having an accountant can be invaluable. They will handle all correspondence with HMRC on your behalf, ensuring that your rights are protected and that you provide only the necessary information. Your accountant will review your records, prepare a robust response, and negotiate with HMRC to minimise any potential penalties or additional tax liabilities. Their experience with tax investigations provides peace of mind, allowing you to focus on your medical work whilst they manage the stress of the enquiry.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW are prestigious professional bodies that require members to meet rigorous standards of education, experience, and ethical conduct. Choosing a qualified accountant from these bodies ensures that you receive advice from someone who is up-to-date with the latest tax legislation and accounting practices. They are also subject to continuing professional development requirements, meaning they are constantly improving their skills. Furthermore, they are regulated by their respective bodies, providing you with recourse if you ever have a complaint. This level of professionalism is essential for managing complex medical finances.
What is the difference between a tax return and a Self Assessment?
In the UK, a Self Assessment tax return is the form you complete to report your income and capital gains to HMRC for a specific tax year. It is used to calculate how much tax you owe, including Income Tax and National Insurance contributions. The term 'tax return' is often used interchangeably with 'Self Assessment', but technically, the tax return is the document itself, whilst Self Assessment is the system by which individuals report their taxable income. Your accountant will ensure that your tax return is accurate and submitted on time, avoiding any late filing penalties.
Can accountants for doctors help with VAT registration?
Yes, accountants for doctors can assist with VAT registration, especially if you run a private practice that exceeds the VAT threshold. They will advise you on whether voluntary registration is beneficial, considering factors such as the nature of your services and your client base. They can also help you complete the necessary paperwork, manage your VAT records, and submit your VAT returns. Additionally, they will ensure that you are claiming all eligible input VAT, reducing your overall VAT liability. This is particularly important for doctors who purchase expensive medical equipment or incur significant practice expenses.
How do I find the right accountant for my medical practice?
Finding the right accountant involves researching firms that specialise in medical finances. You can use directories like AccountingFirms.co.uk to browse local accountants who have experience with doctors. Look for qualifications such as ACCA, ICAEW, or AAT, and read client reviews to gauge their reputation. It is also wise to arrange initial consultations with a few candidates to discuss your specific needs and assess their communication style. A good accountant will ask questions about your practice, income sources, and future plans, demonstrating a genuine interest in your financial wellbeing.
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