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 will ensure you claim all allowable expenses, such as indemnity insurance, professional memberships, courses, and equipment. They can also advise on home office costs and travel expenses between workplaces. For locum doctors, they will help with the complex rules around the 24-month rule and temporary workplaces, ensuring you do not miss out on valuable deductions.
How does an accountant help with my Self Assessment tax return?
A qualified accountant will prepare and submit your Self Assessment tax return accurately and on time, avoiding penalties from HMRC. They will organise your financial records, calculate your tax liability, and ensure you pay the correct amount. They can also advise on payment on account and help you plan for future tax bills, ensuring you are never caught out by unexpected demands.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA and ICAEW are prestigious accountancy bodies with rigorous qualification processes. ACCA (Association of Chartered Certified Accountants) has a strong international focus, whilst ICAEW (Institute of Chartered Accountants in England and Wales) is highly regarded for its business and audit expertise. Both ensure their members maintain high professional standards and are regulated, so you can trust their advice.
Should I operate my private practice through a limited company?
Many doctors choose to operate through a limited company for tax efficiency, especially if they do significant private work. An accountant can analyse your income, expenses, and long-term goals to determine if this structure is beneficial. They will handle Corporation Tax, dividend planning, and ensure you comply with all legal obligations, helping you make an informed decision.
How can an accountant help me with HMRC enquiries or investigations?
If HMRC opens an enquiry into your tax affairs, an experienced accountant will act as your representative, handling all communication with the tax authority. They will prepare the necessary documentation, respond to queries, and negotiate on your behalf. This reduces your stress and ensures your rights are protected throughout the process, giving you confidence and peace of mind.
What should I look for when choosing an accountant for my medical practice?
Look for an accountant who is qualified with a recognised body such as ACCA, ICAEW, or AAT, and who has experience working with medical professionals. Check that they offer proactive advice, are accessible, and understand the specific financial challenges doctors face. Reading reviews and comparing services on a directory like AccountingFirms can help you find a trusted professional.
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