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
Persona Finance
Persona Finance is a London accounting company with an office at 63/66 Hatton Garden in London. Due to the lock-down, we are happy to provide ou...See More
Frequently asked questions
What should I look for in an accountant for doctors?
When choosing an accountant, look for qualifications from recognised bodies such as ACCA, ICAEW, or AAT. Experience with medical professionals is essential, as they will understand NHS pensions, locum income, and private practice structures. Check that they offer proactive tax planning and can handle HMRC correspondence on your behalf. A good accountant will also provide clear advice on VAT and Corporation Tax if you run a limited company.
How can an accountant help with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return accurately and on time, ensuring you claim all allowable expenses and reliefs. They will analyse your income from various sources, including NHS work, private practice, and locum shifts, to minimise your tax liability. They can also advise on payments on account and help you plan for future tax bills, reducing the risk of surprises.
Why is it important to choose a specialist accountant for doctors?
Doctors have unique financial circumstances, such as high incomes, complex pension schemes, and multiple employment arrangements. A specialist accountant understands these intricacies and can provide tailored advice on pension annual allowance, tax-efficient investments, and practice structure. They are also familiar with HMRC rules specific to medical professionals, helping you stay compliant whilst optimising your finances.
What are the benefits of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and adhere to strict professional standards. They are regulated and required to maintain their knowledge through continuing professional development. This ensures they provide accurate, up-to-date advice on tax legislation and financial matters. Their expertise reduces the risk of errors and gives you confidence that your finances are in safe hands.
Can an accountant help with VAT for my private practice?
Yes, an accountant can advise on whether your private practice needs to be VAT-registered, based on your turnover and services. They can assist with VAT returns, ensure you claim input tax correctly, and help you understand the implications of VAT on your fees. For doctors, certain services may be exempt, so professional advice is crucial to avoid overpaying or undercharging.
How do I find the right accountant for my medical practice?
Start by using a directory like AccountingFirms.co.uk to browse accountants in your area, such as Hatton Garden. Filter by specialism, qualifications, and client reviews. Arrange consultations with a few candidates to discuss your needs and assess their experience with medical professionals. Ask about their fee structure and how they communicate, ensuring they offer the level of support you require.
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