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
Williamslester Brilliant Accounting Services
Our range of services are provided by fully qualified and experienced staff who always monitor, advise and review both new and existing clients. This ...See More
TKI Bookkeeping & Accounts
Hello and welcome to my site, I am qualified by the The Institute of Certified Bookkeepers and have attained highest level qualification, Level 4 Dipl...See More
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MARLIS BOOKKEEPING & ACCOUNTANCY
The team comprises of Marion and Lisa, a mother and daughter combination, who offe...
HUBBLE ACCOUNTANCY LTD
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Kings Oak Accountancy
Accountants based in Bristol, Bath & Somerset providing accounting and tax services to small and medium size owner-managed businesses. Our services in...See More
KINGS OAK ACCOUNTANCY (SOMERSET) LTD
We are a small firm of Accountants based in Somerset. Michael is a fellow of the Chartered Institute of Management Accounting with over 30 years expe...See More
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R Albert Accountancy Ltd
We are an AAT Licensed accountancy practice providing a professional and friendly service. A new accountancy practice offering fantastic one to one s...See More
MRC Accounting Services
Providing accounting services and solutions
Woody's Payroll & Bookkeeping Services
Here at Woody's we have years of experience in providing a dedicated, professional and highly personal service to our clients. We offer a wide range o...See More
Capital Accountancy - Accountants & Tax Advisors
WE at CAPITAL ACCOUNTANCY specialises in helping small-to-medium sized businesses, sole traders, contractors and landlords. We make sure you pay the r...See More
Naseems Accountants
Established in 1978, Naseems Accountants is a small but growing business with our clients doubled over the last decade. We honor ourselves in ou...See More
AMSTOR ACCOUNTANTS LIMITED
Amstor Accountants Limited T/A Premier Accountants, Auditors and Tax Advisers want to help you pay less tax and keep more of the profit your business ...See More
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Raven Solution
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Modus Accountants Limited
Whether you are looking for advice, inspiration, accountancy services or all three, our integrated services will provide as much or as little su...See More
Purnells - Licensed Insolvency Practitioners
As insolvency practitioners we also specialise in interpreting the legislation set out in The Insolvency Act 1986, The Insolvency (England and Wale...
ADD- WORTH ACCOUNTANCY LTD
Helping business owners make sense of their numbers. 30+ years of progressive finance and accounting experience in various industries. Offering expert...See More
Business Partners Accountants & Bookkeepers
An accounting firm for all your accounting and bookkeeping needs Business Partners Accountants & Bookkeepers is a reputable accounting firm serving so...See More
Frequently asked questions
What specific tax issues do doctors face that a specialist accountant can help with?
Doctors often have multiple income sources, including NHS pay, private work, and locum shifts, which can complicate tax returns. A specialist accountant understands the NHS pension annual allowance and the tapered annual allowance, which can create unexpected tax charges. They can also help with the high-income child benefit charge and ensure you claim all allowable expenses, such as professional subscriptions and indemnity insurance, to reduce your tax bill.
How can an ACCA or ICAEW qualified accountant assist with HMRC enquiries?
If HMRC opens an enquiry into your tax return, having an ACCA or ICAEW qualified accountant is invaluable. They will handle all communication with HMRC, prepare the necessary documentation, and represent you throughout the process. Their professional expertise ensures that your rights are protected and that you respond correctly to any requests, reducing stress and the risk of penalties. They can also negotiate on your behalf if any discrepancies are found.
What is the difference between using a general accountant and one who specialises in the medical profession?
A general accountant can prepare your tax return, but a specialist in the medical profession understands the unique financial landscape of doctors. They are familiar with NHS pension rules, locum expenses, and the tax treatment of private practice income. They can proactively advise on how to structure your affairs to minimise tax, such as incorporating your private work, and they stay up to date with changes that specifically affect medical professionals, ensuring you receive the most relevant advice.
Do I need to be VAT-registered if I have a private medical practice?
VAT registration is mandatory if your taxable turnover exceeds the current threshold, which is £90,000. However, even if you are below this threshold, you may choose to register voluntarily. A specialist accountant can analyse your income and expenses to determine whether voluntary registration is beneficial, especially if you incur significant VAT on your costs. They will also manage your VAT returns and ensure you comply with HMRC regulations, avoiding any potential penalties.
Can an accountant help me with my Self Assessment tax return if I have income from locum work?
Yes, absolutely. Locum income is reportable on your Self Assessment tax return, and it is essential to declare it accurately. A specialist accountant will help you track your locum earnings and expenses, such as travel, equipment, and professional fees, ensuring you claim every deduction you are entitled to. They will also advise on any payments on account you may need to make, helping you budget and avoid any surprises at the end of the tax year.
What should I look for when choosing an accountant for my medical practice?
When selecting an accountant, look for someone who is qualified with a recognised body such as ACCA, ICAEW, or AAT, and who has experience working with doctors. Check if they offer services that match your needs, such as tax planning, payroll, or limited company accounts. It is also wise to ask about their fee structure and how they communicate with clients. A good accountant will be proactive, responsive, and able to explain complex matters in plain language.
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