
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 typically offer services including Self Assessment tax return preparation, limited company accounting, VAT returns, payroll management, and pension planning. They also provide strategic tax planning, helping you structure your finances efficiently, and can assist with HMRC enquiries or investigations. Their expertise is tailored to the unique financial situations of medical professionals, ensuring compliance and maximising your income.
How can an accountant help with my NHS pension scheme?
An accountant experienced with medical clients can help you navigate the complexities of the NHS pension scheme. They can advise on annual allowance charges, calculate your pension input amounts, and help you plan contributions to avoid unexpected tax bills. They will also consider the impact of your pension on your overall tax position, ensuring you make the most of your benefits whilst remaining compliant with HMRC rules.
What qualifications should I look for in an accountant?
When choosing an accountant, look for qualifications from recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications indicate that the accountant has undergone rigorous training and adheres to high ethical and professional standards. Additionally, check that they have experience working with medical professionals, as this ensures they understand the specific financial challenges you face. Many firms also hold a practising certificate, which is essential for providing certain services.
How often should I meet with my accountant?
It is advisable to meet with your accountant at least twice a year, once for a mid-year review and once before your tax return deadline. However, you may need more frequent meetings if your financial situation is complex, such as if you are a locum with multiple income sources or if you are planning significant investments. Regular communication helps ensure that you are always up to date with your tax obligations and can take advantage of any planning opportunities.
Can an accountant help me if I am a locum doctor?
Yes, an accountant can be particularly beneficial for locum doctors. They can help you decide whether to operate as a sole trader or through a limited company, manage your cash flow, and ensure you set aside the correct amount for tax. They will also assist with your Self Assessment tax return, claim all allowable expenses, and advise on how to structure your finances to minimise your tax liability whilst staying compliant with HMRC.
What should I do if HMRC contacts me about my tax return?
If HMRC contacts you regarding your tax return, it is important not to panic. Your accountant can handle the correspondence on your behalf, providing the necessary information and explanations. They will ensure that your response is accurate and timely, reducing the risk of penalties. If an investigation is opened, your accountant will represent you, helping to resolve the matter efficiently and with minimal stress on your part.
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