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
SAFEBOOKS4U BOOKKEEPING SERVICES
For all Your Bookkeeping Needs Safebooks4u specializes in a variety of bookkeeping services with outstanding support. We understand how busy you are,...See More
HHR ACCOUNTANCY LTD
Accounting & Bookkeeping Solutions
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FLEXIE ACCOUNTANTS LTD
Flexie Accountants is a reputable accounting firm, providing accounting, finance and tax services to sole traders, partnership and Limited companies. ...See More
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Additions Accountancy
Welcome to Additions Accountancy Looking for Grantham Accountants? We are a firm of accountants in Grantham with a strong customer service ethos and ...See More
Zak Partnership
The Zak Partnership have long recognized the importance of working closely with both our clients and our broader partner supplier community as a whole...See More
Msi Accountancy Services
At MSI - Accountants & Bookkeepers - We have a strong network of Accountants, Bookkeepers & Tax Advisors who are very friendly and down to earth and a...See More
T.Y.E BOOKKEEPING LTD
For all your bookkeeping needs from self assessments, VAT returns, EC Sales List, general bookkeeping for sole traders or small businesses. I work on ...See More
Mind Your Assets Accounts
Mind Your Assets Accounts is based in Sheffield, South Yorkshire, with offices also in Manchester and London. We have over 20 years accountancy expe...See More
Figures (UK) Accountancy Services
Figures UK takes a different approach to company book keeping and accountancy work – you won’t find us hunched in grey suits between stacks of files. ...See More
Pharmatax
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Matrix Accountancy Services Limited
Will Farmer FMAAT, AAT Licensed Accountant and Director of Matrix Accountancy Services Limited Hi I'm Will, In 2012 I...
Matrix Accountancy Services
"Offering a friendly and professional service, I provide ongoing advice and support for every stage of your business journey. As an AAT Licensed Acc...See More
Business Partners Accountants & Bookkeepers
An accounting firm for all your accounting and bookkeeping needs Business Partners Accountants & Bookkeepers is a reputable accounting firm serving so...See More
LeeP Accountants Registered in England & Wales
Welcome to LeeP Accountants! We are a team of friendly and professional accountants based in Peterborough, Cambridgeshire. We have one key goal ...
Virtue Accountants Ltd
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Raven Solution
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AMSTOR ACCOUNTANTS LIMITED
Amstor Accountants Limited T/A Premier Accountants, Auditors and Tax Advisers want to help you pay less tax and keep more of the profit your business ...See More
Naseems Accountants
Established in 1978, Naseems Accountants is a small but growing business with our clients doubled over the last decade. We honor ourselves in ou...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, it is essential to find someone who has experience working with doctors and understands the specific financial issues you face. Look for qualifications such as ACCA, ICAEW, or AAT, and check that they are registered with a recognised professional body. A good accountant will be familiar with HMRC requirements, including Self Assessment and Corporation Tax, and will offer proactive advice on tax planning, pension contributions, and practice structure. It is also wise to consider their communication style and whether they are accessible when you need them.
How can an accountant help me with my Self Assessment tax return?
An accountant can take the stress out of completing your Self Assessment tax return by ensuring all your income and allowable expenses are correctly reported to HMRC. They will help you organise your financial records, identify legitimate deductions, and calculate your tax liability accurately. This is particularly important for doctors who may have income from multiple sources, such as NHS salary, private work, and locum shifts. Your accountant will also ensure that you meet all filing deadlines, avoiding penalties, and can advise on how to reduce your tax bill through legitimate planning.
Are accountants who specialise in medical finances worth the extra cost?
Yes, specialist medical accountants are often worth the investment because they bring a deep understanding of the unique financial landscape of the healthcare profession. They are familiar with issues such as pension annual allowance charges, the impact of NHS pensions on tax, and the best ways to structure your practice. This expertise can result in significant tax savings, which will usually far outweigh the fees you pay. Additionally, they can save you valuable time by handling complex paperwork and HMRC correspondence, allowing you to focus on your clinical work.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA (Association of Chartered Certified Accountants) and ICAEW (Institute of Chartered Accountants in England and Wales) are prestigious professional bodies that require rigorous training and examinations. An ACCA accountant has a strong focus on international accounting standards and is often well-versed in business and management, whilst an ICAEW chartered accountant is recognised for their expertise in UK tax and audit. Both are highly qualified and regulated, and either can provide excellent advice for doctors. The choice often comes down to personal preference and the specific services you require.
How can I verify that an accountant is properly regulated?
You can verify an accountant's credentials by checking their membership with a recognised professional body such as ACCA, ICAEW, or AAT. These organisations maintain public registers of their members, which you can search online. Additionally, you can ask the accountant directly for their membership number and check it against the relevant register. It is also wise to confirm that they hold a valid practising certificate, which is required for those offering services to the public. AccountingFirms.co.uk only lists verified and regulated accountants, giving you added peace of mind.
What tax records should I keep for my accountant?
To help your accountant prepare your tax return accurately, you should keep records of all your income, including payslips, P60s, and invoices for private work. You should also retain receipts for any expenses you wish to claim, such as professional subscriptions, travel costs, and equipment. If you are VAT-registered, you will need to keep a record of all sales and purchases. Your accountant will advise you on the specific records you need to maintain, but it is good practice to keep all financial documents organised and accessible throughout the year.
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