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 rather than a general practitioner?
Doctors have unique financial circumstances, including multiple income streams and complex pension rules. A specialist accountant understands the nuances of the NHS pension scheme, the annual allowance, and tax-efficient structures for private work. They can identify specific deductions and provide proactive strategies that a general accountant might miss, ensuring you are not paying more tax than necessary.
What qualifications should I look for in an accountant?
You should look for professionals who are members of recognised bodies such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant has undergone rigorous training and adheres to strict professional standards. Being regulated by one of these bodies also means they are subject to ongoing oversight and must maintain their knowledge through continuous professional development, giving you confidence in their expertise.
How can an accountant help with my Self Assessment tax return?
An accountant will accurately complete and submit your Self Assessment tax return to HMRC, ensuring all income from NHS, private practice, and locum work is declared correctly. They will also meticulously identify all allowable expenses, such as professional subscriptions, indemnity insurance, and equipment costs. This thorough approach helps minimise your tax bill and reduces the risk of an HMRC enquiry.
What is the benefit of using an ACCA or ICAEW regulated firm?
Using a firm regulated by ACCA or ICAEW provides you with a high level of protection and assurance. These bodies have strict codes of conduct and require their members to hold professional indemnity insurance. If you have a complaint, you have recourse through their complaints procedures. This regulatory oversight ensures the accountant maintains high standards of service and ethical behaviour.
Do I need to be VAT-registered for my private practice?
VAT registration is mandatory if your taxable turnover exceeds the current threshold, which is £90,000. However, even if you are below this limit, voluntary registration can be beneficial if you incur significant VAT on your business expenses. An accountant can analyse your specific situation, advise on whether registration is advantageous, and manage the entire process of filing VAT returns.
How does a specialist accountant help with Corporation Tax?
If you operate your private practice through a limited company, a specialist accountant will prepare your annual accounts and calculate your Corporation Tax liability. They will advise on salary versus dividend extraction to minimise your overall tax burden, and ensure you claim all available reliefs and allowances. They also ensure your company accounts are filed on time with Companies House and HMRC.
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