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 reliefs can an accountant help a doctor claim?
An accountant can help you claim reliefs on expenses such as professional indemnity insurance, GMC registration fees, medical equipment, and travel costs for locum work. They will also ensure you claim the correct allowances for home office use if you do any administrative work from home. By keeping accurate records and understanding HMRC rules, they can maximise your tax savings whilst staying fully compliant.
How can an accountant assist with NHS pension scheme complexities?
NHS pension rules can be intricate, especially with annual allowance and lifetime allowance considerations. An accountant can analyse your pension contributions and taxable income to help you avoid unexpected tax charges. They can also advise on the best ways to manage your earnings to remain within allowances, ensuring you make the most of your pension benefits without incurring unnecessary penalties.
Do I need an accountant if I only do locum work?
Yes, even locum doctors have complex tax affairs. You will need to complete a Self Assessment tax return and may be required to make payments on account. An accountant can help you track your income and expenses accurately, claim all relevant deductions, and ensure your tax returns are submitted on time. This can save you money and reduce the stress of dealing with HMRC.
What is the difference between ACCA, ICAEW, and AAT qualified accountants?
ACCA and ICAEW are chartered accountancy bodies that require rigorous exams and practical experience. AAT is a lower-level qualification but still demonstrates competence in bookkeeping and basic accounting. All three are recognised by HMRC. Choosing a professional with ACCA or ICAEW status often means they have more advanced training, which can be beneficial for complex medical finances.
How can an accountant help with VAT if I run a private practice?
If your private practice turnover exceeds the VAT registration threshold, you must charge VAT on your services. An accountant can advise on whether to register voluntarily, how to handle VAT on supplies, and how to complete VAT returns correctly. They can also help you claim input VAT on business purchases, which can reduce your overall tax liability and improve cash flow.
What records should I keep for my accountant?
You should keep all records of income and expenses, including bank statements, receipts, invoices, and mileage logs. For locum work, retain details of each assignment and any agency fees. Also keep records of professional subscriptions, course fees, and equipment purchases. Your accountant will use this information to prepare accurate tax returns and ensure you claim every allowable deduction.
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