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 should I look for in an accountant for doctors?
When choosing an accountant for doctors, look for a professional who holds a recognised qualification from ACCA, ICAEW, or AAT. They should have experience with medical professionals, including handling self-employed income, private practice earnings, and pension contributions. The accountant should be familiar with HMRC regulations and able to provide proactive tax planning. It is also beneficial to find someone who offers clear communication and understands the unique financial pressures of the medical profession.
How can an accountant help with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return accurately and on time, ensuring you claim all allowable expenses and reliefs. They will review your income sources, including NHS salary, private work, and any other earnings, to calculate your tax liability correctly. By using a professional, you reduce the risk of errors that could trigger an HMRC enquiry. They can also advise on payments on account and help you plan for future tax bills.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA and ICAEW are prestigious professional bodies that require rigorous training and examinations. ACCA (Association of Chartered Certified Accountants) has a global focus, whilst ICAEW (Institute of Chartered Accountants in England and Wales) is more UK-centric. Both qualifications demonstrate a high level of expertise in accounting, taxation, and business. For most doctors, either qualification is suitable, and the choice often comes down to the accountant's specific experience and specialism in the medical sector.
Can an accountant help with VAT for my private practice?
Yes, an accountant can assist with VAT registration, returns, and compliance for your private practice. If your taxable turnover exceeds the current VAT threshold, you must register for VAT. An accountant will advise on the best VAT scheme for your practice, such as the flat rate scheme or standard accounting. They will also ensure you claim input tax correctly and meet all HMRC deadlines, avoiding penalties and interest charges.
What records do I need to keep for my accountant?
You should keep records of all income and expenses, including invoices, receipts, bank statements, and mileage logs. For private practice, track all fees received and any related costs such as equipment, travel, and professional indemnity insurance. Also, retain details of any other income, such as rental or investment income. Your accountant will use these records to prepare accurate accounts and tax returns. Keeping organised records throughout the year will make the process smoother and more efficient.
How often should I meet with my accountant?
It is advisable to meet with your accountant at least twice a year: once for tax planning and once for preparing your year-end accounts. However, you may need more frequent meetings if your financial situation changes, such as starting a new practice, taking on additional roles, or making significant investments. Regular communication ensures you stay on top of tax deadlines and can make informed decisions. Many accountants offer ongoing support via email or phone, so you can reach out whenever needed.
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