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
Accounting 4 Ltd
Registered practice offering accountancy services from Bookkeeping, Payroll, Vat, Self Assessment, Small Limited Company accounts etc Qualified to AAT...See More
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Additions Accountancy
Welcome to Additions Accountancy Looking for Grantham Accountants? We are a firm of accountants in Grantham with a strong customer service ethos and ...See More
Mind Your Assets Accounts
Mind Your Assets Accounts is based in Sheffield, South Yorkshire, with offices also in Manchester and London. We have over 20 years accountancy expe...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
J C Accounting Ltd
J C Accounting Ltd offer the type of bespoke service that larger Accountants can’t. We specialise in Sole Traders, Partnerships and Small Limited Com...See More
SAFEBOOKS4U BOOKKEEPING SERVICES
For all Your Bookkeeping Needs Safebooks4u specializes in a variety of bookkeeping services with outstanding support. We understand how busy you are,...See More
MGM & CO. Chartered Certified Accountants
If you are looking for professional accountants offering a full range of accountancy and tax services to clients from across the UK, you have come to ...See More
Virtue Accountants Ltd
LeeP Accountants Registered in England & Wales
Welcome to LeeP Accountants! We are a team of friendly and professional accountants based in Peterborough, Cambridgeshire. We have one key goal ...
Holdsworth Accountancy
We are a team of experienced, qualified accountants and bookkeepers providing professional services to individuals and businesses within Bradford and ...See More
Bird & Co
Bird & Co was formed by local Yaxley accountant Pete Bird and we now serve not only clients in the Yaxley and Peterborough area, but more widespread a...See More
HHR ACCOUNTANCY LTD
Accounting & Bookkeeping Solutions
Msi Accountancy Services
At MSI - Accountants & Bookkeepers - We have a strong network of Accountants, Bookkeepers & Tax Advisors who are very friendly and down to earth and a...See More
Zak Partnership
The Zak Partnership have long recognized the importance of working closely with both our clients and our broader partner supplier community as a whole...See More
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FLEXIE ACCOUNTANTS LTD
Flexie Accountants is a reputable accounting firm, providing accounting, finance and tax services to sole traders, partnership and Limited companies. ...See More
Argents Chartered Accountants
An established firm of chartered accountants based in Norwich, we provide a range of accountancy and business support services to clients throughout t...See More
Sabre Accountants
Sabre Accountants have built up a fantastic reputation as a trustworthy, affordable & reliable accountancy service. We provide accountancy services a...See More
Clarity Accountants
We work closely with our clients and act for a broad range of business and personal clients. Apart from the more general accountancy services we can a...See More
Frequently asked questions
What specific tax issues do doctors face that a specialist accountant can help with?
Doctors often have multiple income sources, including NHS salaries, locum work, and private practice. This can lead to complex tax situations, such as the high income child benefit charge, pension annual allowance tax charges, and the need to complete a Self Assessment tax return. A specialist accountant who understands the medical profession can help you navigate these issues, ensuring you claim all allowable expenses and make the most of your tax allowances. They can also advise on the most tax-efficient structure for your private work, whether as a sole trader or a limited company.
How can an ACCA or ICAEW qualified accountant help with HMRC enquiries?
If HMRC opens an enquiry into your tax affairs, it can be a stressful and time-consuming process. An accountant who is a member of a professional body such as ACCA or ICAEW has the expertise to handle HMRC correspondence on your behalf. They can prepare the necessary documents, respond to queries, and represent you during any discussions with HMRC. This ensures that your rights are protected and that you have the best possible chance of a favourable outcome. Their knowledge of tax law and HMRC procedures is invaluable in such situations.
What is the difference between a chartered accountant and a certified accountant?
Chartered accountants are typically members of the ICAEW, whilst certified accountants are members of ACCA. Both are highly qualified and regulated, with rigorous training and ongoing professional development requirements. The main difference lies in the focus of their qualifications, with ICAEW often having a stronger emphasis on audit and financial reporting, whilst ACCA covers a broad range of business and tax topics. For most doctors, either type of accountant will be perfectly capable of handling their tax and accountancy needs, so it is more important to find someone with experience in the medical sector.
Do I need to register for VAT if I run a private medical practice?
VAT registration is compulsory if your taxable turnover exceeds the current VAT threshold, which is £90,000. However, even if your turnover is below this, you may choose to register voluntarily, especially if you incur significant VAT on your business expenses. A specialist accountant can advise you on whether VAT registration is beneficial for your private practice. They can also help you understand the rules around VAT on medical services, which are often exempt, and ensure that you are correctly accounting for VAT on any taxable supplies you make.
How often should I meet with my accountant to review my finances?
It is generally recommended to have a formal meeting with your accountant at least twice a year, once to plan your tax position before the end of the tax year and once to review your completed accounts and tax return. However, you may wish to meet more frequently if you are going through significant changes, such as starting a private practice, buying a property, or planning for retirement. Regular communication ensures that your accountant is aware of any changes in your circumstances and can provide timely advice to help you make the most of your money.
What records do I need to keep for my Self Assessment tax return?
For your Self Assessment tax return, you need to keep records of all your income and expenses, including payslips, P60s, bank statements, and receipts for any work-related costs. If you have a limited company, you must also keep records of company income and expenses, as well as minutes of meetings and share transactions. These records should be kept for at least five years after the 31 January submission deadline. A good accountant will help you set up a simple system to track your finances throughout the year, making the process of completing your tax return much easier.
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