
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 accountants claim for doctors?
Accountants specialising in the medical profession can claim reliefs on professional subscriptions, indemnity insurance, and course fees. They also ensure you claim the correct expenses for travel, equipment, and home office use. With expert guidance, you can reduce your taxable income whilst remaining fully compliant with HMRC regulations, so you keep more of what you earn.
How do I choose between an ACCA and an ICAEW qualified accountant?
Both ACCA and ICAEW qualifications indicate a high level of professional competence. Your choice may depend on the accountant's experience with medical clients and the services they offer. It is wise to arrange a consultation to discuss your needs and ensure they understand the nuances of doctor's finances, including locum work and private practice income.
Can an accountant help me with my Self Assessment tax return?
Yes, an accountant can prepare and submit your Self Assessment tax return to HMRC on your behalf. They will ensure that all allowable expenses are claimed and that your return is filed accurately and on time. This reduces the risk of penalties and gives you peace of mind, knowing that your tax affairs are in order.
What is the benefit of using a specialist accountant for doctors?
A specialist accountant understands the unique financial landscape of the medical profession, including the complexities of NHS pensions, private practice income, and the IR35 rules for locum work. They can provide proactive advice that helps you structure your finances efficiently, saving you money and avoiding costly mistakes.
Do I need to register for VAT if I run a private medical practice?
VAT registration is required if your taxable turnover exceeds the current threshold. An accountant can assess your situation and advise on whether voluntary registration is beneficial. They will also manage your VAT returns and ensure you claim any input tax you are entitled to, keeping your practice compliant and financially efficient.
How can an accountant assist with Corporation Tax for my limited company?
If you operate your medical practice through a limited company, an accountant will prepare your annual accounts and calculate your Corporation Tax liability. They will also advise on salary versus dividends, ensuring you extract profits in the most tax-efficient manner. This helps you minimise your tax bill whilst staying within HMRC rules.
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