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
Why do doctors need a specialist accountant?
Doctors often have complex finances involving NHS pay, locum work, private practice, and pension contributions. A specialist accountant understands the nuances of the medical profession, including the annual allowance and tax reliefs specific to healthcare. They ensure you do not overpay tax and help you structure your income efficiently, whilst keeping you compliant with HMRC requirements.
What qualifications should I look for in an accountant?
Look for professionals who are members of recognised bodies such as ACCA, ICAEW, or AAT. These qualifications guarantee a high standard of expertise and ethical practice. Many doctors prefer accountants who have experience with medical clients, but the core qualification ensures they are competent to handle tax returns, VAT, and Corporation Tax matters accurately.
How can an accountant help with my Self Assessment tax return?
An accountant will gather all your income details, including NHS salary, private fees, and any rental income, and prepare your Self Assessment return accurately. They will identify allowable expenses you may have missed, such as professional subscriptions, indemnity insurance, and equipment costs. This reduces your tax liability and ensures you meet HMRC deadlines, avoiding penalties.
What is the benefit of using a firm listed on AccountingFirms?
Firms listed on AccountingFirms have been verified and are regulated by professional bodies like ACCA or ICAEW. This gives you confidence that you are dealing with qualified, trustworthy professionals. You can compare their services, read client reviews, and choose the one that best fits your needs, all in one place.
Can an accountant help me with VAT if I run a private practice?
Yes, if your private practice turnover exceeds the VAT registration threshold, you must register for VAT. An accountant will advise on the best scheme for your situation, such as flat rate or standard accounting. They will also help you complete VAT returns and ensure you claim all eligible input tax, saving you time and money.
How do I know if I need to file a Corporation Tax return?
If you operate your practice through a limited company, you are required to file a Corporation Tax return with HMRC. An accountant will prepare your company accounts, calculate the tax due, and submit the return on time. They will also advise on salary versus dividends to optimise your tax position and ensure compliance.
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