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 areas such as NHS pension annual allowance, tapered annual allowance, and tax relief on professional subscriptions, indemnity insurance, and equipment. They also manage Self Assessment tax returns, private practice income, and any limited company structures. Their expertise ensures that you claim all legitimate expenses and avoid common pitfalls with HMRC, giving you more time to focus on your patients.
How can an ACCA or ICAEW accountant help with HMRC compliance?
An ACCA or ICAEW qualified accountant has rigorous training and is bound by professional standards. They ensure your tax returns are accurate, complete, and submitted on time to HMRC, reducing the risk of penalties or investigations. They also provide ongoing advice on tax planning, record keeping, and responding to any HMRC queries, giving you complete peace of mind that your tax affairs are fully compliant.
What should I look for when choosing an accountant for my medical practice?
When selecting an accountant, look for someone who is ACCA, ICAEW, or AAT qualified and has experience working with doctors. They should understand NHS pensions, private practice, and partnership taxation. Check their communication style, availability, and whether they offer proactive advice. It is also helpful to read client reviews and compare a few firms to find the best fit for your specific needs.
Can an accountant for doctors help with VAT registration and returns?
Yes, if your private practice income exceeds the VAT threshold, you must register for VAT. An accountant specialising in doctors can advise on whether registration is beneficial, manage your VAT returns, and ensure you claim all eligible input tax. They can also help with partial exemption calculations if you have both taxable and exempt supplies, keeping you compliant with HMRC regulations.
How does a doctor benefit from using a specialist accountant compared to a general one?
A specialist accountant understands the unique financial landscape of the medical profession, including the complexities of the NHS pension scheme, the annual allowance, and the tax treatment of locum work. They are more likely to spot savings and structure your finances efficiently. This targeted expertise can save you significant money and stress, especially when dealing with HMRC on complex matters.
What records should I keep for my accountant to prepare my tax return?
You should keep records of all income, including payslips, P60s, and invoices for private work. Also retain receipts for expenses such as professional memberships, indemnity insurance, courses, travel, and equipment. If you use a limited company, keep records of dividends and expenses. Your accountant can guide you on the best way to organise these records, ensuring a smooth and accurate tax return.
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