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 are trained to deal with the unique tax situations that medical professionals face. This includes completing Self Assessment tax returns, managing income from private practice, handling pension contributions, and ensuring that all allowable expenses are claimed correctly. They also advise on the tax implications of locum work and NHS employment, helping you avoid errors that could trigger HMRC enquiries.
Why should I choose an ACCA or ICAEW qualified accountant in Portadown?
Choosing an ACCA or ICAEW qualified accountant guarantees that you are working with a professional who has undergone rigorous training and adheres to strict ethical standards. These qualifications demonstrate a high level of expertise in tax law, accounting, and financial management. In Portadown, such professionals are well-versed in local business practices and can provide tailored advice to meet your specific needs.
How can an accountant help me with HMRC compliance?
An accountant will ensure that you meet all HMRC deadlines and submit accurate information. They can prepare and file your tax return online, advise on payments on account, and help you respond to any HMRC correspondence. If you are investigated, they will represent you and provide the necessary documentation to resolve the matter efficiently, reducing your stress and potential penalties.
What is the difference between a tax return and a Self Assessment?
A tax return is the form you submit to HMRC to declare your income and gains for the tax year. Self Assessment is the system that HMRC uses to collect tax from individuals who are not taxed at source, such as doctors with private practice income. Your accountant will prepare the tax return and calculate the tax due, ensuring that you pay the correct amount and claim all available reliefs.
Can an accountant help me with VAT if I run a private practice?
Yes, if your private practice turnover exceeds the VAT threshold, you must register for VAT. An accountant will advise you on whether registration is compulsory or voluntary, help you complete the VAT application, and prepare your VAT returns. They can also guide you on which expenses are VAT-deductible and how to structure your practice to minimise VAT liabilities.
How often should I meet with my accountant in Portadown?
It is advisable to meet with your accountant at least twice a year: once to review your financial position and plan for the upcoming tax year, and again before the January tax return deadline. However, many doctors benefit from more frequent contact, especially if their income fluctuates. Your accountant can provide ongoing support via phone or email, ensuring you remain on top of your finances.
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