
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 reliefs can an accountant claim for a doctor?
A specialist accountant for doctors can claim relief on professional subscriptions, medical indemnity insurance, courses, conferences, and equipment such as stethoscopes and computers. They will also ensure you claim the correct expenses for travel between workplaces and any home office costs. By understanding HMRC rules, they maximise your tax savings while keeping you compliant.
How does an ACCA or ICAEW accountant help with HMRC enquiries?
If HMRC opens an enquiry into your tax return, an ACCA or ICAEW qualified accountant will act as your agent, handling all correspondence and preparing the necessary evidence. They will ensure that your records are organised and that you respond within deadlines. Their expertise reduces stress and helps resolve the enquiry favourably, protecting your reputation and finances.
What is the difference between a sole trader and a limited company for a doctor?
A sole trader is simpler and you pay Income Tax on profits, whereas a limited company pays Corporation Tax on profits and offers more tax planning opportunities, such as dividend extraction. Your accountant will analyse your income, pension contributions, and future plans to recommend the most tax-efficient structure. They will also handle your Self Assessment and Company Tax Return.
How often should I meet with my accountant in Hendon London?
It is advisable to meet at least twice a year, once for tax planning and once before your tax return deadline. However, many doctors benefit from quarterly reviews to manage cash flow and pension contributions. Your accountant in Hendon London will be available for ad hoc advice, especially when your circumstances change, such as a new role or property purchase.
Can an accountant help with my NHS pension annual allowance charge?
Yes, an experienced accountant will calculate your pension annual allowance and any potential charge. They will advise on options such as scheme pays or carry forward to reduce the impact. By integrating your pension with your tax planning, they ensure you do not face unexpected tax bills. This is a key service for doctors with high earnings.
What records do I need to keep for my accountant to prepare my tax return?
You should keep receipts for all expenses, records of any self-employed income, P60s and P11Ds, and details of any rental or investment income. Also keep bank statements and a log of mileage if you travel for work. Your accountant will provide a checklist and can help you organise your records digitally, making the process smooth and accurate.
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