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 an accountant claim for a doctor?
A specialist accountant can claim reliefs on professional subscriptions, indemnity insurance, medical equipment, and travel between workplaces. They can also advise on expenses related to study, such as course fees and textbooks, ensuring you maximise your allowable deductions whilst staying fully compliant with HMRC regulations.
How does an ACCA or ICAEW accountant help with NHS pension scheme complexities?
Accountants with ACCA or ICAEW qualifications understand the annual allowance and lifetime allowance rules affecting NHS pensions. They can help you calculate your pension input amounts, advise on scheme pays elections, and structure your income to avoid unexpected tax charges, ensuring your retirement planning remains efficient and sustainable.
Do I need to register for VAT if I am a doctor with a private practice?
VAT registration is mandatory if your taxable turnover exceeds the current threshold. However, many medical services are exempt from VAT, which can complicate matters. An accountant will analyse your income streams, determine your exact obligations, and guide you on voluntary registration if it benefits your practice, whilst ensuring full compliance.
What is the difference between Self Assessment and Corporation Tax for a doctor?
Self Assessment applies to your personal income from sources like locum work or private practice, and you must file a tax return annually. Corporation Tax is paid by your limited company on its profits. An accountant will manage both, ensuring you meet all deadlines and take advantage of any allowable deductions to reduce your overall tax burden.
How can an accountant help me with HMRC investigations or tax disputes?
If HMRC opens an enquiry into your tax affairs, an accountant can act as your representative, handling all correspondence and gathering the necessary evidence. They will prepare a robust response, negotiate on your behalf, and ensure your rights are protected throughout the process, giving you confidence and reducing stress.
What should I look for when choosing an accountant for my medical practice?
Look for a professional with experience in the healthcare sector, relevant qualifications such as ACCA, ICAEW, or AAT, and a clear fee structure. Check their familiarity with locum and private practice income, and ask about their approach to proactive tax planning. A good accountant will offer regular communication and tailored advice.
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