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 tailored to medical professionals, including preparation of Self Assessment tax returns, advice on NHS pension contributions, management of private practice income, and guidance on allowable expenses. They also assist with VAT registration, Corporation Tax for limited companies, and tax planning strategies to minimise liabilities while ensuring full compliance with HMRC requirements.
How can an accountant help with HMRC enquiries?
If HMRC opens an enquiry into your tax affairs, an accountant can act as your representative, handling all communication and providing the necessary documentation and explanations. They will ensure that your records are in order, respond to HMRC's queries in a timely manner, and negotiate on your behalf to resolve any issues. This reduces your stress and protects your interests throughout the process.
What qualifications should I look for in an accountant?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications demonstrate that the accountant has undergone rigorous training, adheres to a strict code of ethics, and participates in continuing professional development. This ensures they are up to date with the latest tax laws and accounting standards, providing you with reliable and accurate advice.
Can an accountant help me with my NHS pension and tax?
Yes, accountants who specialise in working with doctors understand the complexities of the NHS pension scheme, including annual allowance and lifetime allowance issues. They can help you calculate your pension contributions, advise on tax implications, and plan your finances to avoid unexpected tax charges. They can also assist with annual allowance tax returns and liaise with HMRC on your behalf.
How often should I meet with my accountant?
It is advisable to meet with your accountant at least twice a year, once for a mid-year review to discuss your financial position and tax planning opportunities, and once before the Self Assessment deadline to ensure everything is in order. However, you may need more frequent contact if your circumstances change, such as starting a new role, taking on private work, or buying a property. Your accountant should be available for ongoing advice.
What records do I need to keep for my accountant?
You should keep records of all income and expenses, including payslips, P60s, P45s, receipts for professional subscriptions, travel expenses, and any private practice income. If you operate a limited company, you will need to maintain records of dividends, company expenses, and bank statements. Your accountant will provide a checklist, but keeping organised records throughout the year will make the process smoother and ensure you claim all allowable deductions.
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