Medical Accountants in Preston

Do you work with clinicians at Royal Preston Hospital?

Yes. We work with medical accountants in preston as a specialist medical accountancy service, remotely by video, phone and secure online document sharing. That covers NHS and private income, trust bank and agency shifts, IR35, Making Tax Digital and NHS pension checks, on a fixed monthly fee agreed in writing.

Do I need to meet an accountant in person in Preston?

Yes. We work with healthcare professionals across the UK by video, phone and secure online document sharing, so location does not limit the service. Medical.Accountants is part of ACCOTAX, a London-based firm; outside London we serve clients remotely rather than from a local office.

How do Preston clinicians switch to a specialist medical accountant?

Switching takes minutes on your side. You sign our engagement letter, we contact your previous accountant for professional clearance and records, and we take over HMRC and Companies House authorisations. You can switch mid-year; we pick up from the last filed return.

What does a specialist medical accountant do?

A specialist medical accountant understands NHS pay, the NHS Pension Scheme, locum IR35 rules and the VAT treatment of health services. That means fewer errors and earlier warnings, such as an annual allowance charge or a Making Tax Digital deadline, than a general accountant would usually give.

How much does a medical accountant cost?

Our packages for medical accountants in preston start at £45.83 + VAT a month, with Core at £62.50 and Growth at £75 + VAT. The right package depends on your income sources, whether you trade through a company and any payroll, VAT or pension work. We confirm the exact fee in writing before any work begins, so there are no surprise invoices.

What qualifications should a medical accountant have?

A specialist medical accountant should hold a recognised UK chartership, such as ACA or ACCA. These qualifications ensure they adhere to strict professional and ethical standards. At Medical.Accountants by ACCOTAX, our professionals are fully qualified to handle complex healthcare tax issues. Specialized knowledge in NHS pensions and medical VAT is also essential.

Do locum doctors have to follow Making Tax Digital from April 2026?

Making Tax Digital for Income Tax applies from 6 April 2026 to sole traders and landlords whose qualifying income (gross self-employment plus property income) is over £50,000, falling to £30,000 from April 2027 and £20,000 from April 2028. PAYE salary does not count. Medical accountants in preston trading through a limited company or a partnership are not brought in yet. We set up compatible software and file the quarterly updates for you.

Help with this question: Bookkeeping & Making Tax Digital for Doctors & Healthcare Professionals

How are extra shifts and bank work taxed?

Medical accountants in preston pay income tax on taxable profit at 20%, 40% and 45%, plus Class 4 National Insurance on self-employed profit. Payments on account mean your first bill can include half of next year's tax too. Where income also comes from overseas, residence status and split year treatment decide what the UK taxes.

What is the best way to extract profit from a medical company?

Profit extraction usually involves a combination of a tax-efficient salary and dividend payments. The dividend allowance is currently £500. Corporation tax at 19% applies to profits up to £50,000, while the 25% main rate applies above £250,000. The most efficient strategy depends on your total personal income and the company's profitability.

How do payments on account work for dentists?

Payments on account are advance instalments toward your next tax bill. Each payment is normally half of your previous year's total tax liability. They are due on 31 January and 31 July each year. If a dentist expects lower earnings, we can help apply to reduce these payments.

Help with this question: Self Assessment Tax Returns for Doctors & Healthcare Professionals