
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 typically provide?
Accountants for doctors typically provide a range of services including preparation of Self Assessment tax returns, management of payroll for practice staff, and strategic tax planning. They also offer advice on pension contributions to avoid annual allowance charges, assistance with VAT registration and returns, and guidance on the most efficient business structure for private practice. Many firms also provide bookkeeping services and help with HMRC investigations.
How can an accountant help with my NHS pension and annual allowance?
An experienced accountant will calculate your pension annual allowance and identify if you have exceeded the tapered annual allowance threshold. They will analyse your total income and pension growth to determine if a scheme pays election is beneficial, and they will assist with completing the necessary forms for HMRC. This specialist advice is crucial for avoiding unexpected tax charges.
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, and they qualify professionals to audit and provide high-level strategic advice. AAT is a technical qualification that focuses on day-to-day accounting tasks such as bookkeeping and preparing tax returns. All are recognised and regulated, but chartered status often indicates a higher level of strategic expertise.
Why is it important to use a regulated accountant for my medical practice?
Using a regulated accountant ensures that your financial affairs are handled by a professional who is bound by a strict code of conduct and who must maintain professional indemnity insurance. This provides you with protection and recourse if errors occur. Regulated accountants also have to complete continuous professional development, meaning they stay up to date with the latest HMRC rules and tax legislation.
Can an accountant help me with my private practice income alongside my NHS salary?
Yes, an accountant is essential for managing private practice income. They will ensure that all earnings are declared correctly on your Self Assessment tax return, and they will help you claim allowable expenses such as equipment, travel, and professional subscriptions. They can also advise on whether operating through a limited company is more tax-efficient for your private work.
What should I look for when choosing an accountant for my medical finances?
When choosing an accountant, look for a firm that has demonstrable experience with medical professionals and a strong understanding of the NHS pension scheme. Check that they are registered with a recognised body such as ACCA or ICAEW, and consider their communication style and availability. It is also wise to ask for references from other doctors and to compare fee structures before making a decision.
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