
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

SJD ACCOUNTANCY LIMITED
SJD Accountancy is the UK’s largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers; we’ve been ...See More
Frequently asked questions
What specific tax issues do accountants for doctors in Hertfordshire handle?
Accountants for doctors in Hertfordshire specialise in areas such as Self Assessment tax returns, NHS pension annual allowance calculations, and tax planning for private practice income. They also advise on the tax implications of locum work, property income, and investments. Their expertise ensures that doctors comply with HMRC regulations whilst optimising their tax position and avoiding costly penalties.
How can an accountant help with my NHS pension and annual allowance?
An experienced accountant can calculate your pension annual allowance and identify any potential tax charges. They can advise on options such as scheme pays, which allows you to pay the tax charge from your pension benefits, and help you plan your contributions to avoid breaching limits. This is crucial for doctors whose income fluctuates due to additional shifts or private work.
Do I need a specialist accountant if I am a locum doctor?
Yes, locum doctors often have complex tax affairs, including multiple income sources and allowable expenses. A specialist accountant can help you register for Self Assessment, track your income and expenses, and ensure you claim all legitimate deductions, such as travel, professional subscriptions, and indemnity insurance. This can significantly reduce your tax bill and save you time.
What qualifications should I look for in an accountant for doctors?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications guarantee a high level of expertise and adherence to ethical standards. Additionally, seek advisers who have experience working with medical professionals and who stay up to date with HMRC rules and NHS pension regulations.
Can an accountant help me with VAT if I run a private medical practice?
Yes, if your private practice turnover exceeds the VAT registration threshold, you must register for VAT. An accountant can advise on whether registration is beneficial, help you complete your VAT returns, and ensure you claim input tax on eligible purchases. They can also assist with schemes like the Flat Rate Scheme if appropriate for your business.
How often should I meet with my accountant to review my finances?
It is advisable to meet with your accountant at least twice a year, once for tax planning before the end of the tax year and once after your tax return is submitted. However, if your circumstances change, such as starting private work or buying a property, you should schedule additional meetings. Regular reviews help you stay on top of your tax obligations and make informed decisions.
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