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 should I look for when choosing an accountant for doctors?
When selecting an accountant for doctors, look for someone with experience in the medical sector, ideally with qualifications from ACCA, ICAEW, or AAT. They should understand NHS pensions, locum income, and self-employment tax. Check that they are registered with HMRC and offer proactive advice on tax planning and compliance. A good accountant will also communicate clearly and help you meet all filing deadlines.
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. They will identify allowable expenses you may have missed, such as professional subscriptions, travel, and equipment. They can also help you plan for your tax bill by setting aside the right amount. For doctors with multiple income sources, an accountant ensures every income stream is reported correctly to HMRC.
Are accountants for doctors regulated by professional bodies?
Yes, most accountants for doctors are regulated by recognised professional bodies such as ACCA, ICAEW, or AAT. These organisations enforce strict standards of conduct and require ongoing professional development. Choosing a regulated accountant gives you confidence that your finances are handled by a qualified expert who follows ethical guidelines and stays current with tax law changes.
Can an accountant help me with NHS pension annual allowance issues?
Absolutely. NHS pension annual allowance can be complex, especially for consultants and GPs with high earnings. An accountant specialising in medical finances can calculate your annual allowance and identify any tax charges. They can also advise on options like scheme pays, which allows you to pay the tax charge from your pension benefits. This can prevent unexpected tax bills and help you plan effectively.
What are the benefits of using a VAT-registered accountant?
A VAT-registered accountant has expertise in VAT rules and can help you manage your VAT obligations if you are registered. They can ensure your records are accurate, prepare VAT returns, and advise on partial exemption or flat rate schemes. For doctors with private practice income, a VAT-registered accountant can also help you decide whether voluntary VAT registration is beneficial for your specific circumstances.
How do I know if an accountant is right for my medical practice?
You should look for an accountant who demonstrates a clear understanding of medical practice finances, including partnership accounts, practice expenses, and tax implications. Ask about their experience with other doctors and request references. A good accountant will offer a free initial consultation, explain their fees clearly, and provide a tailored service that meets your individual needs. Trust and communication are essential for a long-term relationship.
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