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
OVAL ACCOUNTANTS LTD
Your Bookkeeping, Accounting And Self Assessment Experts, Here To Bring You The Highest Standard Of Service.
Marden & Co Accountants Ltd
We are a two partner accountancy practice based in Epsom, serving Sutton, Banstead, Reigate, Dorking & across Surrey. We provide professional accounta...See More
Cruse+Burke
As one of the leading accountants in Croydon, we are forward thinking in the way we approach your business requirements and the way we give you except...See More
Owadally & Kings Partnership
At O&K we aspire to be one of the most forward thinking accountancy firms in Croydon. Our dedicated in-house team, and external specialists, based in ...See More
Cruse + Burke
As one of the leading accountants in Croydon, we are forward thinking in the way we approach your business requirements and the way we give you except...See More
APRC Accountants
We are a forward thinking firm of Chartered, Certified Public Accountants & Tax Advisers and Chartered Payroll Professionals established in 2005 in th...See More
Taxaccolega Chartered Accountants & Tax Advisers
As one of the brightest firms of chartered accountants in London, UK, Taxaccolega, based in Croydon, combines the passion and creative thinking of a s...See More
Tax Cruncher
Tax Cruncher is an online accounting &Tax consulting firm serving clients nationwide. Our aim is to help SMEs to grow their business by crunching thei...See More
Central London Accountants
We are proud partners of leading software provider firm Xero, and we can help if you require Xero Accountants in London, Xero training, or need remote...See More
Cheap - Accountants
As a small business owner, your main focus is to work on your business strengths to help it grow, and you can’t just achieve it through juggling every...See More
London Accountants
We have been providing a range of tailored accounting and taxation services to individuals as well as small and medium sized businesses. See More
Abu Umar & Co.
Welcome to Abu Umar & Co. We are a small Accounting firm, based in London, We specialize in dealing with all accounting problems. As we have been o...See More
EFJ CONSULTING LTD
We are the firm of Chartered Certified Accountants based in London. We provide professional and practical help with all aspects of accountancy and tax...See More
Coman And Co Ltd
Chartered Tax Advisers and Chartered Certified Accountants, we offer assistance with tax return compliance and specialist tax consultancy services for...See More
Fitzgeralds Accountants Limited
We are a well established firm of accountants and tax advisors based in South West London, dealing with small businesses and high net worth individual...See More
Frequently asked questions
What specific tax issues do accountants for doctors typically handle?
Accountants specialising in medical professionals typically manage complex Self Assessment tax returns, which include income from NHS employment, private practice, and locum work. They also advise on pension annual allowance charges, which are a common issue for higher-earning doctors. Additionally, they help with VAT registration and returns for private practice, and they can assist with Corporation Tax if you operate through a limited company. Their expertise ensures you claim all allowable expenses and remain fully compliant with HMRC regulations.
How can an accountant help with my NHS pension and annual allowance?
The NHS pension scheme has complex rules regarding the annual allowance, and many doctors inadvertently face significant tax charges. An experienced accountant will calculate your pension input amounts and assess whether you have exceeded the annual allowance. They can advise on options such as scheme pays, which allows you to pay the tax charge from your pension benefits. By carefully planning your contributions and other income, they can help you minimise any potential tax liabilities and avoid unexpected bills from HMRC.
What qualifications should I look for in an accountant?
You should look for an accountant who is a member of a recognised professional body such as the ACCA, ICAEW, or AAT. These qualifications demonstrate that the accountant has undergone rigorous training and adheres to strict ethical and professional standards. Membership in these bodies also requires ongoing continuing professional development, ensuring that your accountant stays up to date with the latest tax laws and regulations. Choosing a qualified professional gives you confidence in the accuracy and reliability of the advice you receive.
Can an accountant help me with my private practice income?
Yes, an accountant can be invaluable when you have private practice income. They will help you track your earnings and expenses accurately, ensuring that you are not overpaying tax. They can advise on the most tax-efficient way to structure your private work, whether as a sole trader or through a limited company. They will also handle your VAT obligations if your private practice turnover exceeds the threshold. With their guidance, you can maximise your take-home pay whilst remaining fully compliant with HMRC.
How often should I meet with my accountant?
It is advisable to meet with your accountant at least twice a year, although many doctors benefit from more frequent contact. An initial meeting to set up your accounts and discuss your financial situation is essential. A mid-year review can help you plan for any upcoming tax payments and adjust your financial strategies. Finally, a meeting before the Self Assessment deadline ensures that your tax return is accurate and submitted on time. Regular communication with your accountant helps you stay on top of your finances and avoid any surprises.
What records do I need to keep for my accountant?
You should keep a comprehensive record of all your income and expenses. This includes payslips from your NHS employment, invoices and receipts for private practice work, and records of any locum payments. You should also keep receipts for professional subscriptions, course fees, travel expenses, and any equipment you purchase. Additionally, maintain records of your pension contributions and any other investments. Organising these documents throughout the year will make it much easier for your accountant to prepare your tax return accurately and efficiently.
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