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
Clarity Accountants
We work closely with our clients and act for a broad range of business and personal clients. Apart from the more general accountancy services we can a...See More
Cheaper Accountant
We're the UK's leading low cost accountants. Simple & affordable fees with Company Accounts & Co. Tax Retu...See More
GORILLA ACCOUNTING LIMITED
orilla Accounting was born after a group of specialist accountants with decades of experience amongst them, decided that accounting shouldn’t be a lab...See More
Harris Rosenberg Chartered Accountants
We help small-scale and early-stage businesses get to where ...
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Athena Bookkeeping Services
Athena Accounting and Bookkeeping Services. ?Let us take good care of your finances giving you more time to focus on the day to day running of your bu...See More
PAYLESS ACCOUNTING & OUTSOURCING LIMITED
We provide businesses with greater flexi...See More
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Norbury Bookkeeping Services
We offer a complete bookkeeping and computerized payroll service throughout Cheshire and South Manchester and are able to offer support for all financ...See More
Sambhav Management Limited
Since 2012, we’ve offered clients the tools, resources and guidance necessary for all their accounting needs. Clients receive the personalized attenti...See More
BROOKSON LIMITED
Why Brookson? There are plenty of reasons. We’re specialists at dealing with self-employed finances, and have been doing this for over 20 years, so we...See More
ACCOUNTS 2U LIMITED
Our director, Howard Turner MAAT ATT, qualified as an accounting and taxation technician in 1995 after training with chartered accountants in Cheshire...See More
GE ACCOUNTANCY LTD
Specialist Motor Trade Accountant with over 20 years. Accountancy & Book Keeping Services offered including VAT Preparation & Submission, Self Assessm...See More
C & B Accounting Solutions Ltd
All aspects of bookkeeping, payroll & accounting undertaken
MGM & CO. Chartered Certified Accountants
If you are looking for professional accountants offering a full range of accountancy and tax services to clients from across the UK, you have come to ...See More
Holdsworth Accountancy
We are a team of experienced, qualified accountants and bookkeepers providing professional services to individuals and businesses within Bradford and ...See More
Pepperhill Associates
Xero Certified Adviser - Remote service taking care of all your bookkeeping needs. Providing a professional, confidential, flexible and reliable bookk...See More
Mind Your Assets Accounts
Mind Your Assets Accounts is based in Sheffield, South Yorkshire, with offices also in Manchester and London. We have over 20 years accountancy expe...See More
LLOYDS ACCOUNTANTS LTD
We offer accounts, taxation and business advisory and support services to a wide range of businesses and individuals, nationwide. We continue to build...See More
Accounting 4 Ltd
Registered practice offering accountancy services from Bookkeeping, Payroll, Vat, Self Assessment, Small Limited Company accounts etc Qualified to AAT...See More
Frequently asked questions
What specific tax issues do doctors face that a specialist accountant can help with?
Doctors often have multiple income sources, including NHS salaries, private practice earnings, and locum work. This can complicate tax calculations and require careful record keeping. A specialist accountant can help you navigate the complexities of the NHS pension scheme, ensure you claim all allowable expenses, and manage your Self Assessment tax return accurately. They can also advise on the most tax-efficient structure for your private work, whether as a sole trader or through a limited company, ensuring you remain compliant with HMRC while minimising your tax liability.
How can an accountant help with NHS pension scheme annual allowance charges?
The NHS pension scheme can trigger annual allowance charges if your pension growth exceeds the standard limit, especially for higher earners. An accountant who specialises in medical finances can calculate whether you are at risk and advise on options such as scheme pays, which allows the tax charge to be paid from your pension benefits. They can also help with financial planning to mitigate future charges, ensuring you do not face unexpected tax bills. This proactive approach is essential for doctors who want to manage their pension effectively whilst staying within HMRC rules.
What qualifications should I look for in an accountant for my medical practice?
When choosing an accountant, look for qualifications from recognised professional bodies such as ACCA, ICAEW, or AAT. These accreditations demonstrate that the accountant has undergone rigorous training and adheres to high ethical and professional standards. Additionally, it is beneficial to find someone with experience in the healthcare sector, as they will be familiar with the unique financial challenges doctors face. You can verify their credentials and check for any disciplinary actions through the relevant professional body, ensuring you engage a trustworthy and competent professional.
Can an accountant help me with VAT if I run a private practice?
Yes, if your private practice turnover exceeds the VAT registration threshold, you must register for VAT and charge it on your services. An accountant can help you determine whether you need to register, manage your VAT returns, and ensure you claim back any input VAT on eligible business purchases. They can also advise on the most suitable VAT scheme for your practice, such as the flat rate scheme, which may simplify your accounting. This support is invaluable for staying compliant with HMRC and avoiding penalties.
How often should I meet with my accountant to review my financial situation?
It is advisable to meet with your accountant at least twice a year, but more frequent meetings can be beneficial, especially during periods of significant change, such as starting a new role or expanding your private practice. Regular reviews allow you to discuss tax planning opportunities, review your cash flow, and adjust your strategies as needed. Your accountant can also help you prepare for your Self Assessment tax return well in advance, reducing stress and ensuring accuracy. Ultimately, the frequency of meetings depends on your personal circumstances and the complexity of your finances.
What records do I need to keep for my accountant to prepare my tax return?
To prepare your Self Assessment tax return, you should keep records of all income and expenses, including payslips, bank statements, invoices, and receipts for any work-related purchases. If you have private practice income, you must track all business-related costs, such as equipment, travel, and professional subscriptions. Your accountant will need these records to accurately calculate your taxable profit and identify any allowable deductions. Keeping organised records throughout the year will make the process smoother and help you avoid missing out on legitimate tax reliefs.
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