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 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 ensure the accountant has undergone rigorous training and adheres to strict ethical standards. Additionally, experience with medical professionals is beneficial, as they will understand the specific tax rules and allowances that apply to doctors. Always verify their registration with the relevant regulatory body to ensure they are authorised to provide accountancy services.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return accurately and on time, ensuring you claim all allowable expenses and reliefs. They will review your income from NHS and private work, pension contributions, and any other sources. By organising your records and calculating your tax liability, they help you avoid penalties and reduce your tax bill legally. They also provide advice on payments on account and tax planning for future years.
What is the difference between ACCA and ICAEW accountants?
Both ACCA and ICAEW are prestigious accountancy qualifications, but they have different focuses. ACCA (Association of Chartered Certified Accountants) has a global perspective and covers a broad range of business and finance topics. ICAEW (Institute of Chartered Accountants in England and Wales) is highly regarded in and emphasises technical expertise and professional integrity. Both are regulated by the Financial Reporting Council and require ongoing professional development.
Can an accountant help with VAT registration for my private practice?
Yes, an accountant can advise on whether you need to register for VAT based on your taxable turnover. If your private practice exceeds the current VAT threshold, registration is mandatory. Your accountant will help you complete the registration process, set up your VAT records, and submit VAT returns. They can also advise on voluntary registration if it is beneficial for your business, and help you manage cash flow and pricing with VAT in mind.
What records do I need to keep for my accountant?
You should keep records of all income and expenses, including payslips, invoices, receipts, and bank statements. For doctors, this includes earnings from NHS work, private practice, locum assignments, and any other professional activities. Also keep records of allowable expenses such as professional subscriptions, equipment, and travel. Your accountant will need these to prepare your tax return and ensure accuracy. Using accounting software can simplify this process.
How often should I meet with my accountant?
It is advisable to have regular contact with your accountant, at least once a quarter, to review your financial position and plan ahead. This allows you to address any issues early and take advantage of tax planning opportunities. Many accountants offer ongoing support throughout the year, not just at year-end. Regular meetings help you stay on top of your finances, make informed decisions, and ensure you are meeting all HMRC deadlines.
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