
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 typically offer services such as Self Assessment tax return preparation, practice accounts, VAT returns, payroll management, and tax planning. They also provide advice on pension contributions, including NHS pension schemes, and help with expenses specific to medical professionals. Many also assist with HMRC enquiries and offer strategic financial guidance tailored to your career stage.
How can an accountant help with my NHS pension annual allowance charge?
An experienced accountant can calculate your annual allowance charge and advise on whether you need to pay it from your pension or through your tax return. They can help you understand the impact of your income on the taper threshold and suggest ways to manage your contributions. They may also recommend applying for scheme pays to reduce your immediate tax liability.
What qualifications should I look for in an accountant for doctors?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant has undergone rigorous training and adheres to strict ethical and professional standards. Additionally, experience with medical clients is beneficial, as they will understand the unique financial issues you face, including locum work and private practice.
Why is it important to have an accountant who understands HMRC regulations?
HMRC regulations are complex and frequently change, especially with the introduction of Making Tax Digital. An accountant who stays updated on these rules can ensure your tax returns are accurate and submitted on time, avoiding penalties. They can also provide proactive advice on tax-efficient structures and help you navigate any HMRC enquiries with confidence.
Can an accountant help me with my private practice income?
Yes, an accountant can help you manage your private practice income by separating it from your NHS earnings, ensuring you pay the correct amount of tax. They can advise on allowable expenses, such as professional indemnity insurance, equipment, and travel costs. They will also help you plan for your tax liabilities and ensure you meet all reporting requirements.
How do I choose the right accountant for my medical practice?
Consider factors such as their experience with medical clients, professional qualifications, and the range of services they offer. It is also important to assess their communication style and availability. You may want to arrange an initial consultation to discuss your needs and see if they are a good fit. Reading client reviews and comparing fees can also help you make an informed decision.
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