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, check for recognised qualifications such as ACCA, ICAEW, or AAT. Look for experience with doctors specifically, as they will understand NHS pension rules, locum income, and private practice. Ask about their approach to tax planning and whether they offer proactive advice. Also consider their availability and communication style, as you want someone who responds promptly and explains things clearly. Finally, verify their registration with a professional body to ensure they meet ethical and technical standards.
How can an accountant help me with HMRC tax investigations?
An experienced accountant can represent you during an HMRC investigation, handling all correspondence and gathering the necessary evidence. They will review your records, identify any potential issues, and prepare a robust response. They can also negotiate with HMRC on your behalf, aiming to minimise any additional tax or penalties. Having professional support reduces stress and ensures your rights are protected. Many accountants offer insurance for investigations as part of their service, giving you extra peace of mind.
Do I need to register for VAT if I have private practice income?
VAT registration is mandatory if your taxable turnover exceeds the current threshold, which applies to all your business activities, including private practice. If you are below the threshold, voluntary registration might be beneficial if you incur significant VAT on expenses. An accountant can analyse your income and expenditure to determine the best course of action. They will also handle the registration process and ongoing VAT returns, ensuring you remain compliant with HMRC rules.
What is the difference between a limited company and being self-employed for doctors?
As a self-employed doctor, you pay Income Tax and National Insurance on your profits, and you are personally liable for any debts. Operating through a limited company means you are a director and shareholder, paying Corporation Tax on company profits and taking a salary and dividends. This structure can offer tax advantages, especially for higher earners, but also comes with additional administrative duties. An accountant can model both scenarios to help you decide which is more suitable for your circumstances.
How often should I meet with my accountant to review my finances?
It is advisable to have a formal review at least twice a year, typically before the end of the tax year and after you have submitted your Self Assessment. However, you should feel free to contact your accountant whenever your circumstances change, such as taking on a new role or starting private work. Regular communication ensures your tax planning stays up to date and you are not missing any opportunities. Many accountants offer ongoing support via phone or email, so you can get advice as needed.
Can an accountant help me with my NHS pension annual allowance?
Yes, specialist accountants for doctors are well-versed in NHS pension rules and annual allowance calculations. They can help you understand your pension growth, calculate any potential annual allowance tax charge, and advise on options like scheme pays. They will also consider how your pension contributions interact with your other income and tax reliefs. By planning ahead, they can help you avoid unexpected tax bills and make the most of your retirement savings.
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