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 should I look for when choosing an accountant for my medical practice?
When selecting an accountant, look for someone with experience in the healthcare sector, ideally with qualifications from ACCA, ICAEW, or AAT. They should understand NHS pension rules, private practice income, and locum work. Check their familiarity with HMRC requirements and whether they offer proactive tax planning. Also consider their communication style and availability, as you will need to discuss sensitive financial matters regularly. A good accountant will provide clear advice and help you make informed decisions.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and file your Self Assessment tax return accurately and on time, ensuring you claim all allowable expenses and reliefs. They will review your income from all sources, including NHS salary, private work, and any other earnings. They can also advise on payments on account and help you plan for your tax bill. If HMRC enquires into your return, your accountant will handle the correspondence and represent you, reducing stress and potential penalties.
Are accountants who specialise in working with doctors more expensive?
Specialist accountants may charge higher fees due to their niche expertise, but they often save you money in the long run by identifying tax savings and avoiding costly mistakes. Their knowledge of medical-specific issues, such as pension annual allowance and NHS termination payments, can be invaluable. Compare fees from different firms and consider the value they provide. A good specialist will justify their cost through proactive advice and efficient tax planning, ultimately reducing your overall tax burden.
What is the difference between an ACCA and an ICAEW accountant?
ACCA (Association of Chartered Certified Accountants) and ICAEW (Institute of Chartered Accountants in England and Wales) are both prestigious professional bodies. ACCA accountants often have a strong focus on international standards and business, whilst ICAEW chartered accountants are known for their rigorous training and expertise in UK tax and audit. Both are highly qualified and regulated. Your choice may depend on your specific needs, but either ensures a high level of competence and ethical standards.
Can an accountant help me with VAT if I run a private practice?
Yes, if your private practice turnover exceeds the VAT threshold, you must register for VAT. An accountant can advise on whether voluntary registration is beneficial, help you complete VAT returns, and ensure you claim input tax correctly. They can also guide you on the Flat Rate Scheme or Annual Accounting Scheme if suitable. Proper VAT management is essential to avoid penalties and to maintain accurate records for HMRC.
How often should I meet with my accountant to review my finances?
It is advisable to meet with your accountant at least twice a year, typically before the end of the tax year and after your tax return is submitted. However, more frequent meetings may be beneficial if your financial situation changes, such as starting a new practice, buying property, or changing your employment structure. Regular communication ensures your accountant can provide timely advice and adjust your tax planning strategies accordingly.
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