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MAKESWORTH LIMITED
Makesworth
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Frequently asked questions
What specific services do accountants for doctors typically provide?
Accountants who specialise in working with doctors typically offer a range of services tailored to medical professionals. These include preparation and submission of Self Assessment tax returns, management of practice income and expenses, advice on NHS pension scheme interactions, and tax planning for private work. They also assist with limited company formation and Corporation Tax returns if you work through your own company. Additionally, they can help with VAT registration and returns, capital allowances on equipment, and succession planning for partnerships. Their expertise ensures that you take advantage of all available reliefs and allowances, whilst staying fully compliant with HMRC requirements.
How can an accountant help with my NHS pension and tax?
An accountant who understands the NHS pension scheme can be invaluable. They can help you calculate your pension contributions and assess whether you are at risk of breaching the annual allowance, which can lead to unexpected tax charges. They can also advise on the benefits of making additional voluntary contributions or whether it is better to opt out in certain circumstances. By analysing your total income, including any private practice earnings, they can project your tax position and suggest strategies to minimise your liability. This might involve adjusting your pension contributions, utilising carry forward relief, or structuring your income differently. Their guidance helps you make informed decisions that align with your long-term financial goals.
Why is it important to choose an ACCA or ICAEW qualified accountant?
Choosing an accountant who is qualified with a recognised body such as ACCA or ICAEW provides assurance of their professional competence and ethical standards. These qualifications require rigorous training, ongoing professional development, and adherence to a strict code of conduct. This means that the accountant is up to date with the latest tax legislation and accounting practices, and they are accountable to their professional body for the quality of their work. For doctors, who have complex financial affairs, this level of expertise is essential. It also gives you recourse if something goes wrong, as you can complain to the professional body. Ultimately, it protects your interests and ensures that your financial affairs are handled with the highest level of integrity.
What should I look for when comparing accountants for doctors?
When comparing accountants, consider their experience with medical clients specifically, as this indicates an understanding of your unique circumstances. Check their qualifications and whether they are registered with a professional body like ACCA, ICAEW, or AAT. Look for reviews or testimonials from other doctors, and ask about their fee structure and what is included. It is also wise to enquire about their approach to proactive tax planning and whether they offer year-round support, not just at tax return time. Finally, consider their location and whether they offer face-to-face meetings, which can be helpful for discussing sensitive matters. By evaluating these factors, you can choose an accountant who is a good fit for your needs.
How can an accountant help me with HMRC investigations or queries?
If HMRC opens an enquiry into your tax affairs, having an accountant can be a significant advantage. Your accountant can handle all correspondence with HMRC on your behalf, ensuring that your responses are accurate and timely. They can help you gather the necessary documentation and provide a clear explanation of your tax position. If there are any errors or misunderstandings, they can negotiate with HMRC to resolve the issue favourably. Their familiarity with HMRC procedures and their professional standing often mean that enquiries are resolved more quickly and with less stress for you. They can also advise on how to avoid future issues by improving your record-keeping and compliance processes.
What are the typical fees for an accountant specialising in doctors?
Fees for accountants who specialise in doctors can vary widely depending on the complexity of your affairs, the level of service required, and the location of the firm. Some accountants charge a fixed fee for a standard service, such as preparing your Self Assessment tax return, whilst others charge an hourly rate. For doctors with more complex arrangements, such as a limited company or partnership, fees are likely to be higher. It is important to obtain a clear quote before engaging an accountant and to understand what is included in the fee. Many firms offer an initial consultation at no charge, which allows you to discuss your needs and get a feel for their approach before committing.
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