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 specialise in areas such as Self Assessment tax returns, pension annual allowance calculations, and the tax treatment of locum or private practice income. They also assist with setting up and managing limited companies, ensuring compliance with HMRC regulations, and advising on allowable expenses. Their expertise helps doctors avoid common pitfalls and optimise their tax position.
How do I choose between an ACCA, ICAEW, or AAT qualified accountant?
All three qualifications indicate a high level of professional competence. ACCA and ICAEW chartered accountants typically have broader experience with complex tax planning and business advice, while AAT members often focus on day-to-day bookkeeping and tax return preparation. Consider the complexity of your financial affairs and whether you need ongoing strategic support or just annual compliance.
Can an accountant help me with my pension annual allowance?
Yes, pension annual allowance can be complex for doctors due to the tapered annual allowance and the impact of NHS pension contributions. A specialist accountant will calculate your available allowance, advise on any potential tax charges, and help you plan contributions to minimise your tax liability. They can also liaise with HMRC if you need to use scheme pays.
What should I look for when comparing accountants for doctors?
Look for a firm that has experience with medical professionals, ideally with testimonials from other doctors. Check their qualifications and whether they are registered with a professional body. Consider their communication style, availability, and whether they offer proactive tax planning advice. Also, review their fees and ensure they provide a clear breakdown of services.
Do I need a separate accountant for my private practice income?
Not necessarily, but it is important that your accountant understands the tax implications of private practice. They should be able to integrate this income with your NHS earnings for a comprehensive tax return. A specialist will ensure that all income is declared correctly and that you claim all relevant expenses, such as indemnity insurance and professional subscriptions.
How often should I meet with my accountant?
Most doctors benefit from at least two meetings a year: one for tax planning before the end of the tax year and another to review your completed tax return. However, if you have a limited company or complex finances, more frequent contact may be useful. Many accountants offer ongoing support via email or phone, so you can ask questions as they arise.
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