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 provide?
Accountants for doctors offer a range of services including preparation and filing of Self Assessment tax returns, managing payroll for practice staff, VAT returns, and Corporation Tax for limited companies. They also provide tax planning advice on pension contributions, property income, and investment portfolios. Additionally, they help with HMRC enquiries and ensure that all financial records are accurate and compliant with current regulations.
How can an ACCA or ICAEW qualified accountant benefit a doctor?
An ACCA or ICAEW qualified accountant brings a high level of technical expertise and professional integrity. They are regulated by recognised bodies and must adhere to strict ethical guidelines. For doctors, this means receiving accurate advice on complex tax matters, ensuring compliance with HMRC, and having access to specialists who understand the unique financial landscape of the medical profession. Their qualifications also guarantee ongoing professional development and up-to-date knowledge.
What should I look for when choosing an accountant for my medical practice?
When selecting an accountant, consider their experience with medical professionals, their qualifications (such as ACCA, ICAEW, or AAT), and their familiarity with HMRC regulations. Look for someone who offers proactive advice on tax planning and who is responsive to your needs. It is also beneficial to check reviews and ask for references from other doctors. Ensure they are registered with a professional body and have appropriate indemnity insurance.
Are accountants for doctors familiar with NHS pension schemes?
Yes, specialist accountants for doctors are well-versed in NHS pension schemes, including the 2015 scheme and the implications of annual allowance and lifetime allowance. They can provide guidance on how to optimise your pension contributions to avoid tax charges. They also help with complex issues such as pension input periods and the impact of additional income on your pension benefits, ensuring you make informed decisions.
How often should I meet with my accountant for doctors?
It is advisable to meet with your accountant at least twice a year: once for tax planning before the end of the tax year, and once to review your annual accounts and tax return. However, you may need more frequent contact if you have significant changes in your income, are starting a new practice, or are dealing with an HMRC enquiry. Many accountants offer ongoing support via phone or email, so you can reach out whenever needed.
Can an accountant for doctors help with VAT registration and returns?
Absolutely. If your medical practice exceeds the VAT threshold or you provide services that are subject to VAT, an accountant can assist with registration, prepare and submit VAT returns, and advise on partial exemption rules. They ensure that you claim all allowable input tax and remain compliant with HMRC regulations. This is particularly important for doctors who have private practice income or who operate through a limited company.
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