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 handle?
Accountants for doctors manage Self Assessment tax returns, claiming allowable expenses such as professional memberships, indemnity insurance, and equipment. They also advise on income from locum work, private practice, and NHS pensions, ensuring you do not overpay tax. They can help with tax-efficient structures like limited companies and ensure compliance with HMRC regulations, whilst offering strategies to reduce your overall tax burden.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications are recognised as gold standards in the accountancy profession. They require rigorous training, ongoing professional development, and adherence to strict ethical codes. Choosing a qualified professional ensures that your financial affairs are handled accurately and ethically. They have the expertise to deal with complex tax matters and provide reliable advice, giving you confidence that your tax returns are correct and your financial planning is sound.
How can an accountant help with my NHS pension and tax?
NHS pensions have complex tax rules, including annual allowance and lifetime allowance considerations. An accountant specialising in doctors can calculate your pension contributions and advise on whether you may face additional tax charges. They can help you plan your finances to avoid unexpected tax bills, potentially by adjusting your contributions or making use of carry-forward rules. This proactive approach ensures you make the most of your pension benefits whilst staying within HMRC limits.
What is the difference between a tax return and Self Assessment?
A tax return is the form you submit to HMRC, and Self Assessment is the system used to report your income and gains for the tax year. For doctors with multiple income sources, such as NHS salary and private work, you are usually required to complete a Self Assessment tax return each year. An accountant can prepare and submit this on your behalf, ensuring accuracy and timeliness, and helping you claim all relevant expenses to minimise your tax liability.
Do I need to register for VAT if I run a private practice?
If your taxable turnover exceeds the VAT registration threshold, currently £90,000, you must register for VAT. Even if your turnover is below this, you may choose to register voluntarily, especially if you provide services that are exempt or if you incur VAT on business expenses. An accountant can advise on whether registration is beneficial for your private practice, help you complete VAT returns, and ensure you comply with HMRC requirements.
How do I find a reliable accountant for doctors in Clifton Bristol?
You can use AccountingFirms.co.uk to browse a directory of verified, regulated accountants in Clifton Bristol. The platform was established in 2019 by ICAEW and ACCA accountants, ensuring that all listed professionals meet high standards. You can compare firms based on their specialisms, qualifications, and client reviews. This allows you to select an accountant who has experience with medical professionals and can offer the tailored support you need.
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