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 doctors face that a specialist accountant can help with?
Doctors often have complex income from NHS salaries, locum shifts, and private practice. Specialist accountants understand pension annual allowance charges, clinical excellence awards, and allowable expenses like indemnity insurance and professional memberships. They can also help with Self Assessment tax returns and ensure you claim all relevant reliefs, keeping your tax bill as low as possible while remaining fully compliant with HMRC.
Why is it important to choose an accountant with ACCA or ICAEW accreditation?
Accountants with ACCA or ICAEW accreditation have undergone rigorous training and adhere to strict professional standards. They are regulated by recognised bodies, which means they must maintain their knowledge and follow ethical guidelines. For doctors, this ensures your finances are handled competently and securely. Accredited accountants are also better equipped to deal with HMRC enquiries and complex tax planning, giving you confidence and peace of mind.
How can an accountant help me with my NHS pension and annual allowance?
The NHS pension scheme has complex rules regarding annual allowance and lifetime allowance. A specialist accountant can calculate your pension growth and identify if you have exceeded the annual allowance, which may trigger a tax charge. They can advise on options like scheme pays, which allows the tax to be paid from your pension benefits, and help you plan your contributions to avoid unexpected tax bills.
What should I look for when comparing accountants for my medical practice?
When comparing accountants, consider their experience with medical professionals, their accreditations, and the services they offer. Look for firms that understand locum work, private practice, and limited company structures. Check if they provide proactive advice on tax planning and if they are responsive to your queries. Reading client reviews and arranging an initial consultation can help you gauge their suitability for your needs.
Can an accountant help me with VAT if I run a private practice?
Yes, if your private practice income exceeds the VAT registration threshold, you must register for VAT. An accountant can help you decide whether to register voluntarily, manage your VAT returns, and ensure you claim input tax on eligible purchases. They can also advise on the VAT treatment of medical services, which can be complex, and help you stay compliant with HMRC requirements.
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, once for tax planning and once before your tax return deadline. However, you may need more frequent meetings if your circumstances change, such as starting a new role, taking on private work, or buying a property. A proactive accountant will schedule regular check-ins and be available for ad hoc advice when needed.
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