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 streams from NHS salaries, locum work, and private practice. A specialist accountant can help you navigate pension annual allowance rules, claim appropriate expenses, and manage your Self Assessment tax return accurately. They also advise on the most tax-efficient structure for your work, whether as a sole trader or through a limited company, ensuring you remain compliant with HMRC.
How do I know if an accountant is properly qualified and regulated?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These organisations require members to meet strict standards of education, ethics, and continuing professional development. You can verify an accountant's credentials by checking the register on the relevant body's website. Using a regulated professional ensures you receive competent advice and have access to complaints procedures if needed.
Can an accountant help me with my NHS pension and tax planning?
Yes, specialist accountants for doctors are well-versed in NHS pension rules, including the annual allowance and lifetime allowance. They can help you understand the tax implications of your pension contributions and advise on strategies to avoid unexpected tax charges. By analysing your total income and pension growth, they can recommend ways to manage your tax position effectively whilst maximising your retirement benefits.
What is the difference between a sole trader and a limited company for a doctor?
As a sole trader, you report your income on a Self Assessment tax return and pay Income Tax and National Insurance on profits. A limited company is a separate legal entity, where you pay Corporation Tax on profits and can take a salary and dividends. Each structure has different administrative and tax implications. A qualified accountant can explain the pros and cons based on your individual circumstances, helping you choose the most suitable option.
How often should I meet with my accountant for financial reviews?
It is advisable to have a formal review at least twice a year, typically before the end of the tax year and before the Self Assessment deadline. However, you should also maintain regular contact throughout the year, especially if your income or circumstances change. Many accountants offer ongoing support and are available for ad-hoc queries. Regular reviews ensure you stay on top of tax planning and avoid any surprises.
What records do I need to keep for my accountant to prepare my tax return?
You should keep records of all income, including payslips, P60s, and invoices for locum or private work. Also retain receipts for any allowable expenses, such as professional subscriptions, equipment, travel, and training. If you operate through a limited company, you need to track company income and expenses separately. Your accountant will advise on specific record-keeping requirements, but maintaining organised records throughout the year simplifies the process.
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