
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 handle?
Accountants for doctors typically manage Self Assessment tax returns, NHS pension annual allowance calculations, and tax on private practice income. They also advise on allowable expenses such as professional subscriptions, indemnity insurance, and equipment. For locums and contractors, they can help with IR35 status and limited company tax planning, ensuring compliance with HMRC regulations.
How can an ACCA or ICAEW accountant help with HMRC enquiries?
An ACCA or ICAEW qualified accountant can represent you during HMRC enquiries, which may include compliance checks or full investigations. They prepare all necessary documentation, respond to HMRC queries, and negotiate on your behalf. Their expertise reduces stress and ensures your rights are protected, whilst aiming to minimise any additional tax or penalties that may arise.
Do I need an accountant if I am a locum GP or hospital doctor?
Yes, if you work as a locum, you are likely to be self-employed for tax purposes and must complete a Self Assessment tax return. An accountant can help you track your income and expenses, calculate your tax and National Insurance, and ensure you claim all relevant deductions. They also assist with quarterly payments on account and any VAT registration if your earnings exceed the threshold.
What should I look for when choosing an accountant for my medical practice?
Look for an accountant who is a member of a recognised professional body such as ACCA, ICAEW, or AAT. Experience with medical clients is essential, as they will understand NHS pension rules and practice finances. Check their availability for meetings, their responsiveness, and whether they offer cloud-based accounting software. Reading client reviews and comparing fees will also help you make an informed decision.
Can an accountant help with VAT for my private medical practice?
Yes, an accountant can advise on VAT registration, which is mandatory if your taxable turnover exceeds the current threshold. They will help you complete VAT returns, claim input tax on eligible purchases, and ensure your pricing includes VAT correctly. For medical services that are exempt, they will guide you on partial exemption rules and record keeping to avoid HMRC penalties.
How often should I meet with my accountant to review my finances?
It is advisable to meet with your accountant at least twice a year, once for tax planning and once before your tax return deadline. Regular contact is also useful when your circumstances change, such as starting a new role, buying equipment, or taking on additional private work. Many accountants offer ongoing support via email or phone, so you can ask questions throughout the year.
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