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 specialise in areas such as Self Assessment tax returns, NHS pension scheme annual allowance calculations, and tax relief on professional subscriptions and equipment. They also manage income from private practice, locum work, and teaching. By understanding the unique structure of medical income, they ensure you claim every allowable expense and avoid common pitfalls with HMRC.
How can an ACCA or ICAEW accountant help with my NHS pension?
An ACCA or ICAEW qualified accountant can analyse your pension contributions against the annual allowance and help you manage any tax charges. They will calculate your tapered annual allowance if your income exceeds thresholds, and advise on options like scheme pays. This specialist knowledge prevents unexpected tax bills and helps you plan your retirement savings effectively.
Do I need a specialist accountant if I am a locum doctor?
Yes, locum doctors often have complex income patterns with multiple assignments and expenses. A specialist accountant will help you track your income, claim deductions for travel, indemnity insurance, and equipment, and ensure your Self Assessment is accurate. They also advise on whether to operate as a limited company, which can offer tax advantages, and handle your VAT registration if required.
What should I look for when choosing an accountant for my medical practice?
Look for a professional with experience in the medical sector, ideally holding ACCA, ICAEW, or AAT qualifications. Check that they are registered with HMRC and have a good understanding of Corporation Tax, payroll, and VAT. It is also wise to ask about their approach to proactive tax planning and how they communicate with you. The right accountant will be accessible and responsive to your needs.
How often should I meet with my accountant to review my finances?
Most doctors benefit from at least two meetings a year: one for tax planning before the end of the tax year, and another to prepare your Self Assessment return. However, if your financial situation changes, such as starting private work or buying a property, you should arrange an additional meeting. Regular contact ensures you remain compliant and take advantage of any new reliefs.
Can an accountant help me with HMRC enquiries or investigations?
Yes, a qualified accountant can represent you during an HMRC enquiry or investigation. They will gather the necessary records, prepare responses, and communicate with HMRC on your behalf. This reduces stress and ensures your case is handled professionally. Having an expert who understands tax law and your specific circumstances is invaluable in such situations.
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