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 reliefs can an accountant for doctors help me claim?
An accountant specialising in medical professionals will identify all allowable expenses, such as GMC registration fees, indemnity insurance, medical equipment, and professional courses. They will also ensure you claim tax relief on any work-from-home costs and mileage. By analysing your income sources, they can optimise your Self Assessment tax return to reduce your overall tax bill legally and efficiently.
How do I know if an accountant is properly qualified and regulated?
Look for membership with recognised professional bodies such as ACCA, ICAEW, or AAT. These organisations enforce strict ethical and technical standards, requiring continuous professional development. You can verify an accountant's status by checking the public registers maintained by these bodies. Using a regulated accountant ensures your finances are handled by a competent and trustworthy professional.
Can an accountant help me with HMRC investigations or tax disputes?
Yes, a qualified accountant can represent you before HMRC and manage all correspondence during an investigation. They will prepare the necessary documentation, explain your position, and negotiate on your behalf. Their expertise in tax law and procedure is invaluable in resolving disputes favourably. Having professional support reduces stress and protects your financial interests throughout the process.
What is the difference between a sole trader and a limited company for a doctor?
As a sole trader, you are personally responsible for business debts and pay Income Tax on profits. A limited company is a separate legal entity, offering liability protection and potential tax efficiencies through Corporation Tax and dividends. An accountant can model both scenarios based on your income and future plans, helping you choose the structure that best suits your circumstances.
How often should I meet with my accountant for doctors?
Regular contact is recommended, at least quarterly, to review your financial position and plan ahead. Your accountant should be proactive, not just reactive, offering advice on cash flow, tax planning, and investment opportunities. They should also be available for ad-hoc queries, such as when you take on additional locum shifts or change your working arrangements. A good working relationship ensures you stay ahead of tax deadlines.
What services do accountants typically offer to doctors beyond tax returns?
Beyond preparing tax returns, accountants provide bookkeeping, payroll, VAT management, and financial forecasting. They can assist with pension planning, mortgage applications, and practice valuations. Many also offer business advice if you are considering setting up a private clinic or expanding your services. Their goal is to support your entire financial life, ensuring you make informed decisions that align with your career goals.
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