
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 specific tax issues do accountants for doctors handle?
Accountants for doctors specialise in unique areas such as NHS pension annual allowance, tapered annual allowance, and the lifetime allowance. They also manage Self Assessment tax returns for locum and private work, plus Corporation Tax for limited companies. They ensure you claim all allowable expenses, such as professional subscriptions, indemnity insurance, and equipment, whilst keeping you compliant with HMRC regulations.
Why is it important to choose an ACCA or ICAEW qualified accountant?
Choosing an ACCA or ICAEW qualified accountant ensures you are working with a professional who has undergone rigorous training and adheres to strict ethical guidelines. These qualifications demonstrate a high level of competence in tax law and accounting practice. This is particularly important for doctors, as complex financial situations require expert knowledge to avoid costly errors and to ensure all tax-saving opportunities are fully utilised.
How can an accountant help with my NHS pension scheme?
An experienced accountant will analyse your pension contributions in relation to your annual allowance. They can help you understand the tax implications of exceeding the annual allowance and advise on options such as scheme pays. They will also assist with forecasting your pension growth to prevent unexpected tax charges, ensuring you make informed decisions about your retirement savings without incurring unnecessary tax liabilities.
What is the difference between a tax return and a self assessment?
Self Assessment is the system HMRC uses to collect Income Tax from individuals who are not taxed at source, such as doctors with private practice income. A tax return is the form you complete to declare your income and gains for the tax year. Your accountant will prepare and submit this return on your behalf, ensuring all figures are accurate and that you pay the correct amount of tax.
Can you help with VAT registration for my private practice?
Yes, an accountant for doctors can advise on whether you need to register for VAT, which is mandatory if your taxable turnover exceeds the current threshold. They can also help you register voluntarily if it is beneficial, manage your VAT returns, and ensure you are claiming the correct input tax. This is crucial for doctors running a private practice or a limited company, as VAT rules can be complex.
How do I find the right accountant for my medical practice in Lancs?
Start by using AccountingFirms.co.uk to browse local firms that specialise in medical accounting. Look for professionals who are ACCA, ICAEW, or AAT qualified and have experience with doctors. Read client reviews and compare their services. It is also wise to arrange an initial consultation to discuss your specific needs and ensure they understand the intricacies of your financial situation.
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