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 typically handle?
Accountants for doctors typically handle complex Self Assessment tax returns, particularly for those with locum or private work. They also manage issues surrounding the NHS pension scheme, including annual allowance and lifetime allowance charges. Furthermore, they provide guidance on claiming allowable expenses such as professional subscriptions, indemnity insurance, and specialist equipment, ensuring you comply with HMRC regulations whilst maximising your tax efficiency.
Why is it important to choose an ACCA or ICAEW qualified accountant?
Choosing an ACCA or ICAEW qualified accountant ensures you are dealing with a professional who is bound by a strict code of ethics and is required to maintain their knowledge through ongoing training. These qualifications are recognised as markers of excellence and competence in the field. This provides you with the assurance that your financial affairs are being handled correctly and that you are receiving advice from a genuinely qualified expert.
How can an accountant help me with my NHS pension annual allowance?
An accountant can calculate your pension annual allowance and determine if you have exceeded the tapered annual allowance, which is a common issue for higher-earning doctors. They will analyse your total income and pension contributions to identify if a tax charge is due. Furthermore, they can advise on whether you should use scheme pays or settle the charge personally, helping you to make the most financially prudent decision.
What is the difference between a tax return and a Corporation Tax return?
A Self Assessment tax return is used by individuals, including sole traders and partners, to report their income and gains to HMRC. In contrast, a Corporation Tax return is filed by limited companies to report their profits and calculate the tax due. If you practise through your own limited company, your accountant will manage both your personal Self Assessment and the company's Corporation Tax return to ensure full compliance.
Should I register for VAT if I have a private practice?
You must register for VAT if your total taxable turnover for the previous 12 months exceeds the current VAT threshold. An accountant can review your private practice income and advise on whether registration is compulsory or voluntary. They will also guide you on the implications of charging VAT on your fees and how to manage your VAT returns correctly to avoid penalties from HMRC.
How do I find a specialist accountant who understands locum work?
You can use the AccountingFirms directory to find and compare local firms that specifically advertise expertise with medical professionals. Look for firms that mention experience with locum work, as they will understand the unique expenses and tax implications associated with this type of employment. You can then review their profiles and contact them to discuss your specific circumstances before making a decision.
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