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 offer a range of services tailored to medical professionals, including preparing and filing Self Assessment tax returns, managing VAT and Corporation Tax for limited companies, and advising on allowable expenses. They also assist with pension contributions, tax-efficient salary structures, and HMRC investigations. Many provide ongoing bookkeeping, payroll, and financial planning to ensure your affairs remain order throughout the year.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return accurately and on time, ensuring you claim all legitimate expenses and reliefs. They will review your income from various sources, including NHS work, private practice, and locum shifts, and calculate the tax due. They can also advise on payments on account and help you plan for future tax liabilities, reducing the risk of errors or penalties from HMRC.
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 met rigorous standards of training, expertise, and ethical conduct. Members are required to undertake continuous professional development and adhere to strict codes of practice, giving you confidence that you are receiving advice from a competent and trustworthy professional.
Can an accountant help me if I am a locum doctor?
Yes, accountants who specialise in working with doctors are well-versed in the unique tax situation of locum practitioners. They can assist with determining your employment status, managing your income across multiple NHS trusts, and ensuring you claim all allowable expenses, such as travel, professional subscriptions, and equipment. They will also help you with tax returns and advise on whether operating through a limited company is beneficial for you.
How do I know if I need to be VAT-registered?
VAT registration is mandatory if your taxable turnover exceeds the current threshold, which is £90,000. However, you may choose to register voluntarily if you wish to reclaim VAT on business purchases. An accountant can review your income and expenditure to determine whether registration is required or advantageous. They will handle the registration process and ensure you comply with all VAT regulations, including submitting returns and maintaining accurate records.
What should I consider when choosing an accountant in Tyne And Wear?
When selecting an accountant, consider their experience with medical professionals, their qualifications, and the range of services they offer. It is also important to assess their communication style and whether they provide proactive advice. You may wish to check client reviews and ask about their fee structure. A local accountant can offer face-to-face meetings, which can be valuable for discussing complex matters and building a long-term working relationship.
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