
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 typically handle?
Accountants for doctors commonly deal with complex issues such as pension annual allowance charges, which can arise from high NHS earnings, and the interaction between NHS income and private practice profits. They also manage Self Assessment tax returns, ensure correct classification of income for tax purposes, and advise on allowable expenses such as professional memberships, indemnity insurance, and equipment. Additionally, they help with VAT registration for private work, Corporation Tax for limited companies, and capital gains tax planning on property or investments.
How can an accountant help me with my NHS pension annual allowance?
An experienced accountant will calculate your annual allowance using the NHS pension scheme's growth figures, which are often not straightforward. They will determine whether you have exceeded the standard or tapered annual allowance, and if so, they will help you claim tax relief through scheme pays or settle the liability personally. They can also advise on how to structure your income to reduce the impact of the taper, and they will ensure that your pension savings are reported correctly on your tax return to avoid penalties from HMRC.
What qualifications should I look for when choosing an accountant?
Look for an accountant who is a member of a recognised professional body such as ACCA, ICAEW, or AAT. These qualifications ensure that the accountant has undergone rigorous training, adheres to a strict code of ethics, and participates in continuing professional development. Membership also means they are regulated and subject to disciplinary procedures, which offers you protection. Additionally, it is beneficial to choose an accountant who has experience working with medical professionals, as they will be familiar with the specific tax rules and allowances that apply to doctors.
Can an accountant help me with HMRC investigations or tax disputes?
Yes, an accountant can be invaluable if HMRC opens an enquiry into your tax return or disputes a claim you have made. They will handle all correspondence with HMRC on your behalf, prepare the necessary documentation, and represent you during any meetings or negotiations. Their expertise ensures that your rights are protected and that you do not inadvertently admit to errors or omissions. They will also advise on whether to accept any settlement offers or appeal against decisions, and they can work to minimise any additional tax, interest, or penalties that may arise.
What is the difference between a sole trader and a limited company for a doctor?
As a sole trader, you are personally responsible for all business debts and pay income tax and National Insurance on your profits through Self Assessment. A limited company is a separate legal entity, which means you are not personally liable for its debts, and you can pay yourself a combination of salary and dividends, which can be more tax-efficient. However, a limited company requires additional administrative duties, such as filing annual accounts and Corporation Tax returns. An accountant can help you decide which structure is best for your circumstances, considering factors like your total income, pension contributions, and long-term goals.
How often should I meet with my accountant to review my finances?
It is advisable to have a formal review at least once a year, ideally before the end of the tax year in April, to discuss your projected income, pension contributions, and any planned changes that could affect your tax position. Many accountants also offer quarterly or bi-annual catch-ups, especially if you have a limited company or complex investments. Regular communication ensures that you are always aware of upcoming deadlines and that you can take advantage of any tax-saving opportunities before they expire. Your accountant should also be available for ad hoc queries throughout the year.
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