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 managing complex income streams from NHS salaries, locum work, and private practice. They also advise on pension annual allowance tax charges, which are common for higher-earning doctors. Additionally, they handle Self Assessment tax returns, ensure correct classification of employment status, and provide strategies to mitigate tax liabilities while remaining fully compliant with HMRC regulations.
Why is it important to choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications indicate that the accountant has undergone rigorous training and adheres to strict professional standards. These accreditations ensure that the accountant is up to date with the latest tax laws and ethical guidelines. For doctors, this means receiving accurate advice on complex matters such as pension contributions and capital allowances, reducing the risk of costly errors and penalties from HMRC.
How can an accountant help with my NHS pension and annual allowance?
An experienced accountant will calculate your pension input amounts and compare them against the annual allowance, which is currently £60,000. If you exceed this limit, you may face a tax charge. Your accountant can help you plan contributions to avoid this, and if a charge is unavoidable, they can advise on using scheme pays to settle it from your pension fund, preserving your cash flow.
What is the difference between a tax return and a Self Assessment?
A Self Assessment is the system HMRC uses to collect income tax, and a tax return is the form you complete to declare your income and gains. For doctors with multiple income sources, such as locum shifts and private work, you are likely required to file a tax return each year. An accountant will prepare and submit this on your behalf, ensuring accuracy and timeliness.
Can an accountant help with VAT registration for my private practice?
Yes, if your private practice turnover exceeds the VAT threshold, currently £90,000, you must register for VAT. An accountant will advise on whether registration is compulsory or voluntary, and they will manage your VAT returns, ensuring you reclaim any input tax on eligible purchases. They will also guide you on the best VAT scheme for your practice, such as the flat rate scheme, to simplify your accounting.
How do I choose the right accountant from the directory?
When browsing the directory, look for accountants who explicitly state their experience with medical professionals. Check their qualifications, such as ACCA, ICAEW, or AAT, and read client testimonials. It is also beneficial to arrange an initial consultation to discuss your specific needs and ensure the accountant understands the intricacies of your income and pension situation. Comparing multiple firms will help you find the best fit.
About Accounting Firms
AccountingFirms.co.uk is the UK's dedicated accountant comparison website, helping individuals, sole traders, landlords, startups, and SMEs instantly compare accountancy and tax fees from trusted UK accounting firms.
Find and connect with qualified accountants, tax advisers, bookkeepers, and business advisers using advanced search filters, verified profiles, and genuine reviews aggregated from Google, Trustpilot, Yelp, and other trusted platforms.
Over 26,000+ UK Accountants in One Place
Explore the UK's largest independent directory of accountants regulated by professional bodies including ICAEW, ACCA, AAT, CIMA, CIPFA, AIA, IFA, and other recognised UK accountancy bodies.
Affordable Online Accounting Services
Buy fixed-fee accounting packages online with confidence. Services are delivered by experienced UK-qualified accountants and tax advisers, covering:
A Marketplace for Accountants
For accounting firms, AccountingFirms.co.uk is more than a directory. It's a powerful lead generation platform, accountant marketplace, and business growth hub, helping practices attract new clients, increase online visibility, generate qualified leads, and win more accounting and taxation work across the UK.