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 specialise in areas such as Self Assessment tax returns, pension annual allowance calculations, and the high-income child benefit charge. They also manage income from multiple sources, including NHS work and private practice, and can advise on the most tax-efficient structure for your practice, whether that is a limited company or a sole trader arrangement.
How can an accountant help with my HMRC correspondence?
An experienced accountant can act as your agent with HMRC, handling all correspondence on your behalf. They can respond to tax enquiries, negotiate payment plans if needed, and ensure that your tax affairs are always in order. This can save you significant time and reduce the stress of dealing with HMRC directly, allowing you to focus on your medical work.
What is the difference between ACCA, ICAEW, and AAT qualified accountants?
ACCA and ICAEW are chartered accountancy bodies, and their members are fully qualified chartered accountants, often specialising in complex tax and business advice. AAT qualifications are typically held by accounting technicians who may work under a chartered accountant or manage day-to-day bookkeeping and tax return preparation. All are regulated, but the level of expertise and specialisation can vary.
Do I need a separate accountant for my private practice and NHS work?
No, a single accountant who specialises in working with doctors can manage all aspects of your financial life. They can consolidate your income from different sources, ensure that all tax obligations are met, and provide a holistic view of your finances. This can be more efficient and cost-effective than using multiple advisors, and it ensures consistency in your tax planning.
How often should I meet with my accountant for doctors?
It is advisable to have a meeting at least twice a year, typically before the end of the tax year in April and before the Self Assessment filing deadline in January. However, you should also feel free to contact your accountant whenever you have a significant financial change, such as starting a new role, buying a property, or restructuring your practice, to ensure you receive timely advice.
What records do I need to keep for my accountant to prepare my tax return?
You should keep records of all income received, including payslips from your NHS trust and invoices for private work. You also need to track any business expenses, such as professional subscriptions, indemnity insurance, and equipment costs. Bank statements, receipts, and records of any pension contributions are also essential. Your accountant will provide a detailed checklist to ensure nothing is missed.
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