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 should I look for when choosing an accountant for my medical practice?
When selecting an accountant, it is important to find someone who specialises in the medical sector. Look for qualifications from recognised bodies such as ACCA, ICAEW, or AAT, as these indicate a high level of expertise. Also, consider their experience with NHS pension schemes, private practice income, and tax planning. A good accountant will offer proactive advice and be familiar with HMRC requirements.
How can an accountant help me with my Self Assessment tax return?
An accountant can ensure that your Self Assessment tax return is completed accurately and submitted on time to HMRC. They will identify all allowable expenses, such as professional subscriptions, equipment, and travel costs, which can reduce your tax bill. They can also help you plan your finances to avoid unexpected tax charges and advise on payments on account.
Are there accountants who specialise in working with locum doctors?
Yes, many accountants in Bridgegate have experience working with locum doctors. They understand the unique nature of locum work, including managing multiple contracts, dealing with umbrella companies, and handling irregular income. They can assist with tax planning, ensuring you are not overpaying tax, and help you navigate the complexities of the IR35 rules.
What is the benefit of using a certified accountant rather than a general bookkeeper?
Certified accountants, such as those with ACCA, ICAEW, or AAT qualifications, have undergone rigorous training and adhere to strict professional standards. They are regulated and must keep up to date with changes in tax law and accounting practices. This ensures that you receive accurate, reliable advice and that your financial affairs are managed to a high standard.
Can an accountant help me with VAT if I run a private medical practice?
Yes, if your private practice exceeds the VAT registration threshold, an accountant can help you register for VAT, complete VAT returns, and ensure you are claiming all allowable input tax. They can also advise on whether it is beneficial to register voluntarily and help you manage cash flow effectively to meet your VAT obligations.
How do I know if an accountant is regulated and trustworthy?
You can check whether an accountant is a member of a recognised professional body, such as the ACCA, ICAEW, or AAT. These organisations have strict codes of conduct and require members to maintain professional indemnity insurance. Additionally, you can look at reviews and testimonials from other clients to gauge their reputation and reliability.
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