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 doctors face that require a specialist accountant?
Doctors often have complex income streams, including NHS salary, locum work, and private practice. They may also face the annual allowance taper on pension contributions, which can create unexpected tax charges. A specialist accountant can help manage these issues, ensuring you claim all allowable expenses and plan your finances efficiently. They can also advise on the best structure for your practice, whether as a sole trader or limited company, and help you stay compliant with HMRC.
How can an accountant help with my NHS pension and annual allowance?
The NHS pension scheme has complex rules regarding annual allowance and lifetime allowance. An accountant who understands these rules can calculate your pension growth and identify any potential tax charges. They can also advise on options such as scheme pays, which allows you to pay the tax charge from your pension benefits. By planning ahead, your accountant can help you minimise the impact of the taper and ensure you make the most of your pension contributions.
What should I look for when choosing an accountant for my medical practice?
Look for an accountant who is qualified with a recognised body such as ACCA, ICAEW, or AAT, and who has experience working with doctors. They should understand the specific tax rules for medical professionals, including those related to locum work, private practice, and partnerships. It is also important to find someone who communicates clearly and proactively, and who can offer advice on areas such as VAT, payroll, and tax planning. Check reviews and ask for references.
Can an accountant help me with my Self Assessment tax return?
Yes, an accountant can prepare and file your Self Assessment tax return on your behalf, ensuring that all income is declared correctly and that you claim all available deductions. They can also help you with tax planning throughout the year, not just at the end of the tax year. This includes advising on pension contributions, charitable giving, and other ways to reduce your tax liability. Using an accountant can save you time and reduce the risk of errors.
Do I need to be VAT-registered for my private practice?
If your taxable turnover for private work exceeds the VAT threshold, which is currently £90,000, you must register for VAT with HMRC. An accountant can help you determine whether you need to register and can advise on the best VAT scheme for your practice, such as the flat rate scheme or annual accounting. They can also manage your VAT returns and ensure you are claiming the correct input tax on your purchases.
What are the benefits of using a qualified accountant versus doing my own tax return?
A qualified accountant brings expertise and experience that can save you money and reduce stress. They are up to date with the latest tax legislation and HMRC requirements, and they can identify deductions and reliefs you might miss. They also provide ongoing advice and support, helping you make informed financial decisions. For doctors with complex finances, the cost of an accountant is often outweighed by the tax savings and peace of mind they provide.
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