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 services do accountants for doctors provide?
Accountants for doctors provide a range of services including preparation of Self Assessment tax returns, management of limited company accounts, VAT returns, and payroll for practice staff. They also offer tax planning advice on pension contributions, expense claims, and income structuring. Many firms provide year-round support and proactive guidance to help you meet HMRC deadlines and optimise your tax position.
How do I choose between an ACCA and an ICAEW qualified accountant?
Both ACCA and ICAEW qualifications are highly respected and indicate a strong level of professional competence. The choice often comes down to personal preference and the specific services you require. ACCA accountants are known for their expertise in tax and business advice, whilst ICAEW chartered accountants have a strong focus on audit and financial reporting. Review their experience with medical clients and their approach to client service before deciding.
Why is it important to use a specialist accountant for my medical practice?
Specialist accountants understand the unique financial landscape of the medical profession, including NHS pension schemes, locum work, and private practice income. They are familiar with allowable expenses specific to doctors, such as indemnity insurance, professional memberships, and equipment. This knowledge ensures that you claim all legitimate deductions and avoid common pitfalls, ultimately saving you money and reducing the risk of an HMRC enquiry.
What should I expect during my first meeting with an accountant?
During your first meeting, the accountant will typically review your current financial situation, discuss your income sources, and understand your short and long-term goals. They will ask about your employment status, whether you have a limited company, and any existing tax arrangements. This initial consultation is an opportunity for you to ask questions and assess whether the accountant is a good fit for your needs.
Can an accountant help me with HMRC investigations or tax disputes?
Yes, many accountants for doctors offer representation and support during HMRC investigations. They can help you prepare the necessary documentation, respond to queries, and negotiate on your behalf. Having a qualified professional handle the correspondence reduces stress and ensures that your rights are protected. It is advisable to engage an accountant as soon as you become aware of any potential issue with your tax affairs.
How often should I meet with my accountant to review my finances?
It is generally recommended to have a formal review at least twice a year, once before the end of the tax year for planning purposes and once after your tax return has been submitted. However, many doctors benefit from more frequent contact, especially if they have complex income streams or are considering significant financial decisions. Your accountant can advise on a suitable schedule based on your circumstances.
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