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 the unique tax affairs of medical professionals. This includes preparing Self Assessment tax returns, managing income from multiple sources such as NHS work and private practice, and advising on pension contributions and the annual allowance. They also assist with VAT registration and returns for private practices, and Corporation Tax for limited companies. Their expertise ensures you meet HMRC obligations whilst maximising your tax efficiency.
How can an accountant help with my NHS pension and tax?
An experienced accountant will help you understand how your NHS pension contributions affect your tax position. They can advise on the annual allowance and any potential tax charges, especially if you have a high income or have experienced pension growth. By analysing your earnings and contributions, they can suggest strategies to mitigate tax liabilities, such as making additional contributions or adjusting your income streams, ensuring you remain compliant with HMRC.
What qualifications should I look for in an accountant?
When choosing an accountant, look for recognised qualifications from professional bodies such as ACCA, ICAEW, or AAT. These qualifications demonstrate a high level of training and adherence to strict ethical standards. Additionally, check if the accountant has experience working with doctors, as this ensures they understand the specific financial challenges you face. Many accountants also hold specialist certificates in medical taxation, which is a valuable indicator of expertise.
Can you help with both personal and practice accounts?
Yes, accountants for doctors typically manage both personal and practice finances. On the personal side, they handle Self Assessment tax returns, capital gains tax, and inheritance tax planning. For your practice, they can manage bookkeeping, VAT, payroll, and Corporation Tax if you operate through a limited company. They provide a comprehensive service that ensures all aspects of your financial life are coordinated and tax-efficient.
How do I find an accountant who understands locum work?
When searching for an accountant, specifically ask about their experience with locum doctors. Many firms list their specialisms on their profiles, and you can filter by 'doctors' or 'medical professionals' on directories like AccountingFirms. A good accountant will be familiar with the IR35 rules, expense deductions for travel and indemnity insurance, and the complexities of multiple assignments. They will help you structure your work to minimise tax legally.
What should I expect from an initial consultation?
During an initial consultation, the accountant will review your current financial situation, including your income sources, existing tax arrangements, and any outstanding issues with HMRC. They will explain their services and how they can assist you, and provide an estimate of fees. This is also an opportunity for you to ask questions about their experience and approach. It is a no-obligation meeting designed to help you decide if they are the right fit for your needs.
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