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 areas such as Self Assessment tax returns, NHS pension annual allowance calculations, locum income reporting, and private practice earnings. They also manage VAT for private work, Corporation Tax for limited companies, and ensure compliance with HMRC regulations. Their expertise helps doctors optimise tax efficiency while avoiding penalties.
How do I know if an accountant is properly qualified?
Look for accreditations from recognised bodies such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant has undergone rigorous training, adheres to ethical standards, and participates in continuing professional development. You can verify their status on the respective professional body's register, and the firms listed on AccountingFirms are all verified.
Can an accountant help with my NHS pension scheme?
Yes, many accountants for doctors have specific knowledge of the NHS Pension Scheme. They can help you understand how your pension contributions affect your tax position, manage annual allowance charges, and plan for retirement. They will also advise on the lifetime allowance and how to structure your income to minimise tax liabilities.
What is the difference between a locum and a salaried doctor for tax purposes?
A locum doctor is typically self-employed and must submit a Self Assessment tax return, paying Income Tax and National Insurance on their profits. A salaried doctor has tax deducted through PAYE. An accountant can help you determine your correct status, manage expenses, and ensure you claim all allowable deductions, such as indemnity insurance and travel costs.
How can an accountant assist with VAT for private practice?
If your private practice income exceeds the VAT registration threshold, you must register for VAT. An accountant can advise on whether to register voluntarily, how to account for VAT on your fees, and which expenses you can reclaim. They will also handle your VAT returns and ensure you remain compliant with HMRC rules.
What should I look for when choosing an accountant for my medical practice?
Consider their experience with medical clients, their qualifications (ACCA, ICAEW, AAT), and their familiarity with HMRC regulations. Look for a firm that offers proactive advice, clear communication, and a transparent fee structure. Reading client reviews and comparing multiple providers on AccountingFirms can help you make an informed decision.
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