Accountants for Doctors in London

Not every doctor does, but many benefit from one. If your only income is salaried NHS employment taxed through PAYE and you have no additional income, significant expenses or investments, your affairs may be straightforward. The picture changes if you have private medical income, locum work, consultancy fees, partnership profits, rental income or a limited company. Doctors in those situations generally need to file a Self Assessment tax return, and an accountant can help ensure the return is accurate, that allowable expenses are not overlooked, and that deadlines are met. Tax treatment depends on your individual circumstances, so it is worth reviewing your position before deciding.

Yes. Reporting NHS employment income alongside private fees, locum earnings or consultancy income is a common feature of doctors' tax returns. We gather the relevant figures from your payslips, P60, private practice records and any partnership or company information, then report each source correctly. Employment income is generally taxed through PAYE, while self-employed income is reported through Self Assessment, and the two interact. Where expenses relate to a particular income stream, we allocate them appropriately so the claims stand up to scrutiny.

Common claims include medical indemnity insurance, GMC and royal college or specialty subscriptions, mandatory training and continuing professional development that is relevant to your existing work, specialist equipment, professional journals, and business travel or mileage that is not ordinary commuting. What is allowable depends on whether you are employed or self-employed, whether the cost was incurred wholly and exclusively for your work, and whether it has already been reimbursed. Some costs are restricted for employees but available for the self-employed. We review your particular circumstances rather than applying a standard list.

Locum work usually means self-employment, which brings obligations around registering with HMRC, keeping records of income and expenses, and filing a Self Assessment return. Because income can vary significantly from month to month, it helps to plan for tax payments rather than being caught out by a large bill. Travel between sites, equipment, indemnity cover and administrative costs are among the expenses worth tracking. If you also hold a salaried NHS post, the combination of employment and self-employment needs to be reported carefully.

It depends. Operating as a sole trader is often simpler and may suit doctors with modest private income, while a limited company can be appropriate for larger or growing private practices and consultancy businesses. Incorporation brings additional obligations, including annual accounts, confirmation statements and Corporation Tax, along with payroll considerations if you draw a salary. It can also affect how income is taxed and how pension contributions are treated. Whether incorporation makes sense depends on your income levels, how you work and your wider financial plans, so it is a decision worth discussing before making changes.

NHS pension contributions attract tax relief, and the pension you build up is subject to annual and lifetime allowance rules that can create tax charges in certain circumstances. Where you also have private income, your total earnings affect the level of relief available and may influence whether any allowance charge arises. Because the rules are detailed and can change, we look at your pension position alongside your other income rather than in isolation, and will point out where specialist pension advice may be appropriate.

Yes. Many doctors providing private medical services are not required to register for VAT, but registration can become relevant where you supply additional services or where your turnover reaches the registration threshold. Some medical services are exempt, which makes the analysis specific to what you actually provide. If registration applies, we can manage VAT returns and record keeping alongside your other accounting work. Whether you need to register depends on your particular activities and turnover.

Switching is usually a straightforward process. We ask for details of your current arrangement, obtain professional clearance from your existing accountant, and request the records and information needed to take over. If you are mid-way through a tax year or an ongoing filing, we coordinate so nothing is missed. Many doctors find the change easier than expected, and we will explain what information we need from you at each stage so the handover is orderly.