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 reliefs can an accountant for doctors help me claim?
An accountant specialising in the medical field can help you claim reliefs on professional memberships, indemnity insurance, medical equipment, and home office costs. They will also assist with claiming expenses related to locum work, such as travel and subsistence. By thoroughly analysing your income, they ensure you claim every allowable deduction, which can significantly reduce your tax liability.
How can an ACCA or ICAEW accountant assist with HMRC enquiries?
If HMRC opens an enquiry into your tax return, an ACCA or ICAEW qualified accountant can act as your representative. They will handle all correspondence, prepare the necessary documentation, and ensure that your response is accurate and timely. Their expertise in tax law and HMRC procedures provides you with professional support and reduces the stress of dealing with the authorities directly.
Do I need a separate accountant for my private practice income?
No, you do not need a separate accountant. A specialist accountant for doctors can manage all your income streams, including NHS salary, private practice earnings, and locum work, within a single tax return. They will ensure that all sources are correctly reported and that you benefit from any applicable allowances or deductions across your combined income.
What is the benefit of using a VAT-registered accountant?
A VAT-registered accountant has practical experience in dealing with VAT matters, which is particularly useful if your practice is required to be VAT-registered. They can advise on the appropriate VAT scheme, manage quarterly returns, and ensure you claim input tax correctly. This expertise helps you remain compliant and can lead to cash flow advantages for your practice.
How often should I meet with my accountant to review my finances?
It is advisable to have a formal review at least twice a year, typically before the end of the tax year and after your Self Assessment is submitted. However, your accountant should be available for ad hoc advice whenever your circumstances change, such as taking on a new role or making a significant purchase. Regular communication ensures your tax planning remains effective.
Can an accountant help me with Corporation Tax if I operate through a limited company?
Yes, if you provide your services through a limited company, an accountant will manage your Corporation Tax returns, ensuring you meet all deadlines and claim all available reliefs. They will also advise on salary and dividend extraction, which can be more tax-efficient than receiving all income as salary. This structured approach helps you retain more of your earnings legally.
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