
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

MJF ACCOUNTANCY LIMITED

C & B Accounting Solutions Ltd
All aspects of bookkeeping, payroll & accounting undertaken

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

Oakes Accounting
Oakes Accounting specializes in providing tailor made accounting services, including bookkeeping, VAT and self assessment to small businesses.

GE ACCOUNTANCY LTD
Specialist Motor Trade Accountant with over 20 years. Accountancy & Book Keeping Services offered including VAT Preparation & Submission, Self Assessm...See More

Holden Associates
Holden Associates are a family run business founded in 2002, we are located at V12, Merlin Park, a modern purpose-built office in Burscough, Lancashir...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

PAYLESS ACCOUNTING & OUTSOURCING LIMITED
We provide businesses with greater flexi...See More

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
Harris Rosenberg Chartered Accountants
We help small-scale and early-stage businesses get to where ...
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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
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
Cheaper Accountant
We're the UK's leading low cost accountants. Simple & affordable fees with Company Accounts & Co. Tax Retu...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

NIXON WILLIAMS LIMITED
Nixon Williams has been providing specialist accountancy services to contractors, freelancers, consultants and interim professionals throughout the UK...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

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

THE FINANCIAL MANAGEMENT CENTRE UK LTD
Online firm
Frequently asked questions
What specific tax issues do accountants for doctors typically handle?
Accountants for doctors typically handle complex Self Assessment tax returns, which include income from NHS employment, private practice, and locum work. They also manage matters related to pension annual allowances, which can be particularly tricky for higher earners. Additionally, they advise on allowable expenses specific to the medical profession, such as indemnity insurance, specialist clothing, and professional memberships. They ensure full compliance with HMRC regulations and help with any tax investigations that may arise.
Why is it important for a doctor to use an ACCA or ICAEW qualified accountant?
Using an ACCA or ICAEW qualified accountant provides assurance that your finances are managed by a professional with rigorous training and ethical standards. These qualifications demonstrate a deep understanding of UK tax law and accounting practices. For doctors, this means accurate tax returns, proactive tax planning, and reliable advice on complex matters like pension contributions and private practice income. It also offers protection through professional indemnity insurance and access to continuing professional development, ensuring your accountant stays up-to-date with all regulatory changes.
How can an accountant help with my NHS pension and tax implications?
An accountant can help you navigate the complexities of the NHS pension scheme, particularly the annual allowance and lifetime allowance charges. They can analyse your pension growth and income to determine if you are at risk of exceeding these limits. If so, they can advise on strategies such as making additional contributions or using scheme pays to manage the tax liability. They will also ensure that your pension contributions are correctly reflected in your tax return, avoiding any penalties from HMRC.
What is the difference between a self-employed locum and a limited company for a doctor?
A self-employed locum is taxed on profits through Self Assessment, paying Income Tax and National Insurance. A limited company, on the other hand, pays Corporation Tax on its profits, and you would take income through a salary and dividends, which can be more tax-efficient. An accountant can model both scenarios to show which is more beneficial for your circumstances. They will also handle the administrative burden of running a company, including filing accounts and managing PAYE, ensuring you remain compliant with HMRC.
How do I find a reliable accountant who specialises in medical practices?
You can find a reliable accountant by using a directory like AccountingFirms.co.uk, which lists verified professionals who specialise in medical practices. Look for firms with experience in dealing with doctors, as they will understand the unique financial challenges you face. Check their credentials, such as ACCA or ICAEW membership, and read reviews from other medical professionals. It is also advisable to arrange an initial consultation to discuss your needs and ensure they are a good fit for your practice.
What should I expect from my first meeting with an accountant for doctors?
In your first meeting, the accountant will review your current financial situation, including your income sources, expenses, and any existing tax arrangements. They will ask about your short-term and long-term goals, such as pension planning or buying a practice. They will also explain the services they offer, their fee structure, and how they will communicate with you throughout the year. This meeting is an opportunity for you to ask questions and assess whether they have the expertise to handle your specific needs.
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