
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 for your medical practice, you should prioritise professionals who hold recognised qualifications such as ACCA, ICAEW, or AAT. Look for experience with NHS and private income, as well as a strong understanding of pension annual allowance and tax-efficient structures. It is also wise to check that they are registered with HMRC and have a proactive approach to tax planning.
How can a specialist accountant help me with my Self Assessment tax return?
A specialist accountant will accurately prepare and file your Self Assessment tax return, ensuring that all income from NHS, private practice, and locum work is declared correctly. They will identify all allowable expenses, such as professional subscriptions, indemnity insurance, and equipment, to minimise your tax liability. They will also advise on payment on account and ensure you meet HMRC deadlines.
What is the benefit of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and are bound by strict ethical guidelines. They must complete continuous professional development to stay current with tax law changes. This ensures that you receive accurate, up-to-date advice and that your financial affairs are handled with the highest level of professionalism and integrity.
Can an accountant help me with VAT registration and returns?
Yes, an experienced accountant can assist you with VAT registration, advise on whether you should be voluntarily registered, and prepare your VAT returns. They will ensure that you claim all eligible input tax and that your records comply with HMRC requirements. This is particularly important if you run a private practice or a limited company that provides medical services.
How do I know if I need to pay Corporation Tax?
If you operate your medical practice through a limited company, you will be required to pay Corporation Tax on your company's profits. An accountant will help you calculate your taxable profit, claim all available deductions, and file your Corporation Tax return with HMRC. They will also advise on salary versus dividend extraction to optimise your overall tax position.
What records do I need to keep for my accountant?
You should keep records of all income and expenses, including payslips, bank statements, invoices, receipts for professional fees, and details of any equipment purchases. If you are VAT-registered, you must also keep a record of all sales and purchases. Your accountant will guide you on the specific records required for your tax return and will help you organise them efficiently.
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