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 reliefs can accountants for doctors help me claim?
Accountants for doctors can help you claim tax relief on expenses that are wholly and necessarily incurred for your work. This includes costs such as professional subscriptions to bodies like the BMA or GMC, medical indemnity insurance, and specialist equipment. They can also help you claim for travel between different hospitals or practices, and for home office costs if you do some work from home. By ensuring you claim every legitimate expense, they can significantly reduce your tax bill.
How do I know if an accountant is qualified to handle my medical finances?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications guarantee that the accountant has passed rigorous exams and adheres to a strict code of ethics and continuing professional development. Additionally, many accountants for doctors have specific experience with medical clients, so you can ask about their track record with GPs, consultants, or locums. You can also check reviews and testimonials from other medical professionals.
Can an accountant for doctors help with my Self Assessment tax return?
Yes, absolutely. An accountant specialising in doctors will prepare and file your Self Assessment tax return accurately and on time. They will ensure that all your income from various sources, such as NHS salary, private work, and locum shifts, is declared correctly. They will also identify all allowable expenses and reliefs, potentially reducing the amount of tax you owe. They can also advise on payments on account and help you plan for any tax due.
What is the difference between an accountant and a tax adviser for doctors?
An accountant typically provides a broader range of services, including bookkeeping, payroll, and preparation of financial statements, as well as tax planning and compliance. A tax adviser may focus exclusively on tax matters, offering strategic advice on complex issues like pension contributions, capital gains, and inheritance tax. Many accountants for doctors are also qualified tax advisers, so you can get both services from one professional. It is important to clarify the scope of services before engaging them.
How can an accountant help me with HMRC investigations or queries?
If HMRC opens an enquiry into your tax affairs, an accountant can act as your representative and handle all communication with HMRC. They will gather the necessary evidence, prepare detailed responses, and negotiate on your behalf. This can significantly reduce the stress and time involved in dealing with an investigation. They can also help you correct any errors in previous returns and agree on a payment plan if additional tax is due. Having professional support is crucial in such situations.
Are there accountants in Claudy who specialise in NHS pension schemes?
Yes, many accountants who work with doctors have in-depth knowledge of NHS pension schemes, including the 2015 scheme and the 1995/2008 schemes. They can help you understand how your pension contributions affect your tax position, particularly if you are close to the annual allowance or lifetime allowance limits. They can also advise on the benefits of making additional voluntary contributions or opting out of the scheme in certain circumstances. This specialist advice is invaluable for long-term financial planning.
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