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Matrix Accountancy Services Limited
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Frequently asked questions
What should I look for when choosing an accountant for my medical practice?
When selecting an accountant for your medical practice, look for someone with recognised qualifications such as ACCA, ICAEW, or AAT, and ideally experience working with doctors. They should understand the specific tax rules for locum work, private practice, and NHS pensions. It is also important to check that they are registered with a professional body and have a good track record with HMRC. A proactive accountant will offer year-round advice, not just at tax return time, and will help you plan for future financial changes.
How can an accountant help me with my Self Assessment tax return?
An accountant can help you complete your Self Assessment tax return accurately and on time, ensuring that you claim all allowable expenses and reliefs. They will review your income from all sources, including NHS salary, private practice, and any other earnings, and calculate your tax liability correctly. They can also advise on payments on account and help you plan for any tax due. This reduces the risk of errors and penalties, and saves you valuable time.
Do I need to register for VAT if I have a private medical practice?
VAT registration is compulsory if your taxable turnover exceeds the current threshold, which is £90,000 for the 2024/25 tax year. However, even if your turnover is below this, you may choose to register voluntarily. An accountant can advise you on whether voluntary registration is beneficial for your practice, considering factors such as input VAT on equipment and services. They will also help you complete VAT returns and ensure you comply with HMRC regulations.
What are the benefits of using a certified accountant over an unqualified one?
Certified accountants who are members of ACCA, ICAEW, or AAT have undergone rigorous training and are bound by strict ethical guidelines. They are required to keep their knowledge up to date with changes in tax law and accounting standards. This ensures that you receive accurate, reliable advice and that your accounts are prepared to a professional standard. Additionally, certified accountants have professional indemnity insurance, which protects you in the event of an error.
Can an accountant help me with Corporation Tax for my limited company?
Yes, an accountant can help you manage your Corporation Tax obligations if you operate your practice through a limited company. They will prepare your company accounts, calculate your Corporation Tax liability, and ensure that you file your Company Tax Return with HMRC on time. They can also advise on tax-efficient ways to extract profits, such as dividends or salary, and help you plan for future tax payments. This ensures you remain compliant and minimise your tax burden.
How often should I meet with my accountant to review my finances?
It is recommended to meet with your accountant at least twice a year, once for tax planning and once to review your year-end accounts. However, many doctors benefit from more frequent contact, especially if their income fluctuates or they have complex financial arrangements. A good accountant will be available throughout the year for ad hoc queries and will proactively contact you when there are changes in legislation that affect you. Regular communication helps you stay on top of your finances and make informed decisions.
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