
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 services do accountants for doctors provide?
Accountants for doctors provide a range of services including preparing and submitting Self Assessment tax returns, managing NHS pension scheme records, and advising on private practice income. They also offer assistance with practice accounts, VAT returns, and Corporation Tax for limited companies. Furthermore, they provide strategic tax planning to help you minimise your liabilities and plan for retirement effectively.
Why is it important to use an accountant who understands the medical profession?
The medical profession has unique financial circumstances, such as complex pension rules and multiple income sources. An accountant who specialises in this area will understand the specific reliefs and allowances available to you. They can help you avoid common pitfalls, ensure you are not overpaying tax, and provide tailored advice that is relevant to your career stage, whether you are a trainee or a consultant.
How can an accountant help with my NHS pension scheme?
An accountant can help you understand the annual allowance and lifetime allowance rules that apply to the NHS pension scheme. They can assist with calculating your pension growth and advise on whether you have any tax charges to pay. They can also help you plan your contributions and structure your finances to manage any potential tax liabilities effectively, ensuring you maximise your retirement benefits.
What should I look for when choosing an accountant for my medical practice?
When choosing an accountant, look for a professional with recognised qualifications such as ACCA, ICAEW, or AAT. It is also important to find someone with experience in the healthcare sector who understands the challenges you face. Consider their communication style and whether they offer proactive advice. You should also check their availability and whether they use modern accounting software to streamline processes.
How does an accountant help with HMRC compliance and deadlines?
An accountant ensures you meet all HMRC deadlines for filing tax returns and paying any tax due. They will prepare your accounts and tax computations accurately, reducing the risk of errors and penalties. They also handle any correspondence from HMRC on your behalf and can represent you in the event of an enquiry. This professional oversight provides peace of mind and saves you valuable time.
Can an accountant help me if I have income from both the NHS and private work?
Yes, an accountant is essential if you have multiple income streams. They will help you track your earnings from both NHS employment and private practice, ensuring that your tax codes are correct and that you are not underpaying or overpaying tax. They can also advise on the best structure for your private work, such as a limited company, to optimise your tax position.
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