
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 are well-versed in the unique tax issues that medical professionals face. This includes handling income from multiple sources such as NHS salaries, private practice, and locum work. They also manage expenses related to professional memberships, indemnity insurance, and equipment. Additionally, they provide guidance on pension contributions and the annual allowance, ensuring you remain within HMRC limits and avoid unexpected tax charges.
How can an ACCA or ICAEW accountant help with my Self Assessment tax return?
An ACCA or ICAEW qualified accountant can prepare and submit your Self Assessment tax return accurately and on time. They will ensure all income is declared, including any from rental properties or investments, and that you claim all allowable expenses. They also advise on payments on account and can help you plan for future tax bills, reducing the risk of penalties from HMRC for late or incorrect submissions.
Do I need a specialist accountant if I am a locum GP?
Yes, a specialist accountant is highly recommended for locum GPs. Locum work often involves complex tax arrangements, such as being engaged through a limited company or umbrella company. A specialist can advise on the most tax-efficient structure, ensure you meet your obligations under IR35, and help you with VAT if applicable. They also understand the nuances of the NHS pension scheme and how your locum income affects your pension contributions.
What should I look for when choosing an accountant in North Lincolnshire?
When choosing an accountant in North Lincolnshire, look for someone with experience in the medical sector and relevant qualifications such as ACCA, ICAEW, or AAT. Check that they are registered with a professional body and have a good track record with HMRC. It is also beneficial to find an accountant who offers a free initial consultation, so you can discuss your needs and assess their communication style and approachability.
Can an accountant help me with VAT for my private practice?
Absolutely. If your private practice turnover exceeds the VAT registration threshold, you must register for VAT. An accountant can handle your VAT registration, prepare and submit your VAT returns, and advise on the best scheme for your practice, such as the flat rate scheme. They can also help you identify which expenses are VAT-able and ensure you claim the correct input tax, saving you money and keeping you compliant with HMRC.
How often should I meet with my accountant to review my finances?
It is advisable to meet with your accountant at least twice a year, though more frequent meetings can be beneficial during periods of change. Regular reviews help you stay on top of your tax obligations, plan for upcoming payments, and adjust your financial strategy as needed. Your accountant can also provide proactive advice on tax-saving opportunities, ensuring you are always making the most of your income.
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