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 handle?
Accountants for doctors are trained to deal with complex issues such as NHS pension annual allowance calculations, the tapered annual allowance, and the high income child benefit charge. They also manage self-employed income, private practice earnings, and expenses unique to medical professionals. They ensure accurate Self Assessment returns are filed with HMRC, and they provide advice on tax-efficient structures like limited companies for locum work.
How can an ACCA or ICAEW accountant help with my Self Assessment tax return?
An ACCA or ICAEW qualified accountant will prepare your Self Assessment tax return with precision, ensuring all income from employment, self-employment, and investments is declared correctly. They will identify all allowable expenses, such as professional subscriptions, indemnity insurance, and equipment costs, to reduce your tax bill. They also file the return electronically with HMRC and advise on payment on account, so you avoid surprises.
Do I need a specialist accountant if I am a GP partner?
Yes, GP partners have unique accounting needs, including profit allocation, partnership tax returns, and capital account management. A specialist accountant will help you understand your share of profits, claim all legitimate expenses, and plan for your retirement. They also advise on the NHS pension scheme and how partnership drawings affect your annual allowance. Their expertise ensures you remain compliant with HMRC while maximising your income.
What is the difference between a VAT-registered accountant and a non-VAT registered one?
A VAT-registered accountant is registered for VAT with HMRC, which means they charge VAT on their fees and can reclaim VAT on their business expenses. This status does not affect the quality of their work, but it may influence the cost of their services. For doctors, it is more important to find an accountant who understands medical taxation and can advise on VAT for private practice income, which is often exempt.
How do I choose the right accountant for my medical practice in Thornton Cleveleys?
Start by looking for a firm that specialises in medical accounting and holds qualifications from recognised bodies like ACCA, ICAEW, or AAT. Check their experience with NHS pension rules and self-employed doctors. Arrange an initial consultation to discuss your needs and ask about their fee structure. You should also read client reviews and compare services using a directory like AccountingFirms.co.uk to find a trusted local professional.
Can an accountant help me with Corporation Tax if I operate through a limited company?
Yes, if you work as a locum doctor through your own limited company, an accountant will prepare your annual accounts and calculate your Corporation Tax liability. They will advise on allowable expenses, such as travel, equipment, and professional fees, and help you extract profits tax-efficiently through salary and dividends. They also ensure your company files its accounts with Companies House and your Corporation Tax return with HMRC on time.
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