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 offer a range of services including Self Assessment tax return preparation, NHS pension scheme advice, limited company formation for private practice, VAT registration and returns, and Corporation Tax planning. They also help with expense tracking, tax-efficient salary and dividend extraction, and financial planning for retirement. These specialists understand the unique income patterns and allowances relevant to medical professionals, ensuring you meet all HMRC obligations whilst maximising your take-home pay.
How can an accountant help with my NHS pension and tax?
An experienced accountant can analyse your NHS pension contributions and advise on the Annual Allowance and Lifetime Allowance implications. They can help you manage your tax position if you exceed these limits, potentially using scheme pays or other strategies to reduce the impact. They also ensure that your pension contributions are correctly reflected in your tax return, avoiding any errors that could trigger HMRC enquiries. This specialist advice is invaluable for doctors with complex pension arrangements.
Do I need an accountant if I am a locum doctor?
Yes, locum doctors often have multiple income sources and irregular earnings, which makes accurate record keeping and tax planning essential. An accountant can help you register for Self Assessment, track your expenses, and ensure you claim all allowable deductions such as travel, professional indemnity insurance, and equipment costs. They can also advise on whether it is more tax-efficient to work as a sole trader or through a limited company, and manage your quarterly payments on account to avoid cash flow issues.
What qualifications should I look for in an accountant?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications guarantee a high level of training and ethical standards. Many accountants also hold specialist accreditations in medical or dental practice, which demonstrates additional expertise. It is also wise to check that they have experience working with doctors and understand the specific tax rules that apply to the medical profession, including pension annual allowance and expense claims.
How often should I meet with my accountant?
Most doctors meet with their accountant at least twice a year: once to review the previous year's tax return and plan for the upcoming year, and again before the January Self Assessment deadline to ensure everything is in order. However, if your financial situation changes, such as starting private practice or taking on additional locum work, you may need more frequent meetings. Many accountants offer ongoing support and are available throughout the year to answer questions and provide advice as needed.
Can an accountant help me if I am already facing an HMRC enquiry?
Yes, an experienced accountant can provide invaluable support if HMRC opens an enquiry into your tax affairs. They can review your records, prepare the necessary documentation, and communicate with HMRC on your behalf to resolve the matter efficiently. They can also identify any errors in the enquiry process and ensure your rights are protected. Having a professional who understands tax law and HMRC procedures can significantly reduce the stress and potential financial impact of an enquiry.
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