
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 specialise in complex areas such as the NHS pension annual allowance, which often triggers significant tax charges. They also manage income from multiple sources like private practice and locum shifts, ensuring accurate Self Assessment tax returns. Additionally, they advise on the high-income child benefit charge and structure your finances efficiently to reduce your overall tax liability while remaining fully compliant with HMRC regulations.
Why is it important to choose an ACCA or ICAEW qualified accountant?
Choosing an ACCA or ICAEW qualified accountant provides a guarantee of high professional standards and up-to-date technical knowledge. These qualifications require continuous professional development and adherence to a strict code of ethics. This ensures that the advice you receive on your tax return and financial planning is accurate and reliable, offering you protection and peace of mind in the event of an HMRC enquiry.
How can an accountant help with my private practice income?
An accountant can help you structure your private practice income in the most tax-efficient manner, whether you operate as a sole trader or through a limited company. They will accurately track your income and expenses, advise on allowable deductions specific to your practice, and ensure your Corporation Tax and VAT obligations are met. This proactive management helps you legally minimise your tax bill and maximise your profitability.
What should I look for when comparing accountancy firms in Victoria Street?
When comparing firms, look for those with demonstrable experience in the medical sector and recognised qualifications such as ACCA, ICAEW, or AAT. Consider the range of services offered, including tax planning and payroll, and check their fee structure for transparency. It is also beneficial to review client testimonials and ensure the firm has a proactive approach to communication, offering advice throughout the year rather than just at tax return time.
How does an accountant assist with a tax investigation from HMRC?
If HMRC opens an investigation into your affairs, having an accountant is crucial. They will handle all correspondence with HMRC on your behalf, ensuring that your rights are protected. Your accountant will prepare the necessary evidence and documentation to support your tax return, negotiate with HMRC to resolve the issue favourably, and provide expert representation to reduce stress and achieve the best possible outcome.
Can you help with both personal and business tax planning for a doctor?
Yes, a specialist accountant provides a holistic service covering both personal and business tax planning. This includes optimising your salary and dividend structure, managing your pension contributions to avoid annual allowance charges, and planning for capital gains on property or investments. They integrate your personal financial goals with your business structure to create a cohesive strategy that minimises your overall tax burden.
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