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 typically handle?
Accountants specialising in the medical field typically handle complex Self Assessment tax returns, which include income from NHS employment, private practice, and locum work. They also manage issues surrounding the annual allowance for pension contributions, which often causes unexpected tax charges for higher-earning doctors. Furthermore, they advise on allowable expenses specific to the profession, such as indemnity insurance, professional memberships, and specialist equipment, ensuring you claim every deduction you are entitled to.
Why is it beneficial to use an accountant who is ACCA or ICAEW certified?
Using an accountant who is certified by a recognised body like ACCA or ICAEW provides assurance of their professional competence and adherence to strict ethical standards. These qualifications require rigorous training and ongoing development, ensuring the accountant is up to date with the latest tax legislation. This certification also means they are subject to regulatory oversight, offering you protection and recourse should any issues arise with the service provided.
Can an accountant help me if I have missed the HMRC deadline for filing my tax return?
Yes, a qualified accountant can assist you if you have missed the HMRC deadline for filing your tax return. They can help you file your return immediately to minimise any potential penalties and can also communicate with HMRC on your behalf. They will assess your situation to determine if you have a reasonable excuse for the late filing, which could potentially lead to a reduction or cancellation of the fines imposed.
What is the difference between an accountant and a tax adviser for a doctor?
While both roles can offer tax advice, an accountant typically provides a broader range of services, including bookkeeping, preparing financial statements, and completing tax returns. A tax adviser may focus more exclusively on strategic tax planning and mitigation. For a doctor, an accountant is often the better choice as they can manage the entire financial function, from day-to-day record keeping to the final submission to HMRC, offering a comprehensive and integrated service.
How can an accountant help with my NHS pension annual allowance charge?
The NHS pension annual allowance charge is a common and complex issue for doctors. An experienced accountant can calculate your pension input amounts and determine if you have exceeded the annual allowance. They can then advise on whether you are eligible for scheme pays, which allows the NHS to pay the tax charge from your pension benefits, or if it is more beneficial to pay the charge directly from your income, potentially utilising carry-forward rules to reduce the liability.
What should I look for when choosing an accountant who understands medical finances?
When choosing an accountant, look for a firm that explicitly lists experience with medical professionals. Ask about their familiarity with the NHS pension scheme and the specific tax rules that apply to private practice. Check if they hold a qualification from a body such as the AAT, ACCA, or ICAEW, and enquire about their process for handling HMRC correspondence. A good accountant will also offer proactive advice on tax planning, not just reactive tax return preparation.
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