Accountants for Medical Professionals
Accountancy Made Simple from only £89/month
A tax charge on pension growth you never chose, private practice income that quietly drags you into the taper, and an NHS payslip sitting alongside self-employed earnings. Caroola gives doctors a dedicated accountant who understands how medical income is taxed, on a fixed monthly fee.
Most doctors don’t have a complicated income. They have two or three straightforward incomes that interact in complicated ways.
Specialist Accounting Support for Medical Professionals
Our accounting for medical professionals is provided by accountants who understand NHS pay, private practice and pension tax, not a generic small business template.
You’ll get your own dedicated accountant, not a shared inbox or a rotating support team.
Support is unlimited, and quarterly check-ins mean your accountant is looking at your position throughout the year, not once, twelve months after the fact.
- Cloud accounting software included
- Annual accounts, prepared and filed
- Self Assessment, Partnership, or Corporation Tax
- Advice where you have both employed and self-employed income
- Calculation of your annual allowance position and any charge arising
- VAT registration and returns where relevant
- Tax planning reviewed every quarter
- Support switching from another provider
Who are these services for?
At Caroola, we work with medical professionals of every structure, employed, self-employed, partners and limited companies, whatever your specialty.
That covers consultants with private practice, GP partners and salaried GPs, locum doctors, junior doctors taking on additional work, surgeons and anaesthetists, and psychiatrists and physicians running independent clinics. Whether your income is entirely NHS or mostly private, we can help.
What Makes Accounting for Medical Professionals Different?
Most people’s tax bill goes up when they earn more. A doctor’s tax bill can go up because of a pay rise applied to a pension they can’t access for twenty years. The annual allowance charge is calculated on the growth in your pension value, not on what you paid in, which is why doctors receive bills for money that never passed through their hands.
Private income makes it worse, and not in the way most people expect.
Pension growth and the annual allowance:
The charge is based on how much your pension benefits grew in the year, so a pay rise or a promotion can trigger a bill even though your contributions didn't change.
The taper:
Once adjusted income passes £260,000, the allowance falls by £1 for every £2 above it, down to a floor of £10,000, and private practice income is usually what tips a consultant over.
Carry forward:
Unused allowance from the previous three years can be set against the excess, so exceeding the allowance doesn't always mean a charge is actually due.
Scheme pays:
Rather than paying the charge yourself, the scheme can settle it in exchange for a reduction in your eventual pension, but the election has a hard deadline and missing it removes the option.
Employed and self-employed together:
An NHS post alongside private work, locum sessions or a clinic means both sets of income sit on the same return and interact with each other.
Why Choose Caroola for Medical Professional Accounting?
Built for Mixed Income
Advice that handles NHS pay and private earnings together rather than separately.
Fixed Monthly Fees
One price, agreed upfront, that won't creep up as your practice grows.
Your Own Accountant
Work with one dedicated accountant who understands medical income, not just salaries.
No Hidden Costs
Clear pricing, whatever your speciality.
Grows With Your Career
From your first locum shift to an incorporated private practice, your package adapts.
How Much Does an Accountant for Medical Professionals Cost?
Your core accounting is one fixed fee, whatever stage of your career you're at.
Packages start at £28 + VAT a month if you’re self-employed and £89 + VAT a month for limited companies, with partnerships priced around your setup.
Payroll for employees, bookkeeping, or management accounts are priced separately or included with an upgraded package, and always agreed with you first.
Sole Trader
- Self Assessment filing
- Bookkeeping software
- Dedicated accountant
- MTD ITSA software
- Corporation Tax & VAT filing
- Annual Accounts
- Real-time tax insights
Limited Company
- Self Assessment filing
- Bookkeeping software
- Dedicated accountant
- MTD software
- Corporation Tax & VAT filing
- Annual Accounts
- Real-time tax insights
Partnerships & LLP
- Self Assessment filing
- Bookkeeping software
- Dedicated accountant
- MTD ITSA software
- Corporation Tax & VAT filing
- Annual Accounts
- Real-time tax insights
Speak to a Medical Accountant Today
Ready to work together or interested in learning more? Get in touch with the team to start a conversation.
FAQs
- Why Do I Have a Tax Charge When I Haven't Increased My Contributions?
Because the annual allowance measures growth in the value of your pension benefits, not what you paid in. In a defined benefit scheme like the NHS one, a pay rise increases the pension you’ll eventually receive, and that increase is what gets tested. A promotion, a merit award or a year of extra sessions can all produce a charge without you contributing a penny more.
- What Is Scheme Pays and Should I Use It?
It lets the pension scheme settle the annual allowance charge for you, in exchange for a reduction in the pension you eventually draw. There’s a mandatory version where the charge exceeds £2,000 and your growth exceeds the standard allowance, and a voluntary version covering situations where it’s your tapered allowance that’s been breached. The election deadline falls on 31 July following the January your charge has to be declared, and it isn’t extended. Whether it’s the right call depends on the size of the charge and how far you are from retirement, so it’s a decision to make deliberately rather than by default.
- Does My Private Practice Affect My NHS Pension Tax?
Yes, and this catches consultants out more than anything else. Private earnings count towards the income figures that determine whether your allowance is tapered. A consultant comfortably within the standard allowance on NHS pay alone can find their allowance cut sharply once private work is added, and the reduced allowance is then applied to the same NHS pension growth. We look at both together rather than in isolation.
- Should I Run My Private Practice Through a Limited Company?
Sometimes, though less often than people assume. A company can help where profits are being retained rather than drawn, but it doesn’t remove the income from the taper calculation in the way people hope, and it adds administration. We’ll model it against your actual figures before recommending either way.
- Can I Claim My GMC Registration and Defence Organisation Subscriptions?
In most cases, yes. Registration with your regulator, medical defence organisation subscriptions, royal college fees and relevant professional subscriptions are usually allowable where they’re required for your work, as is much of your CPD. Where a cost relates to your employment rather than self-employed work, the route to claiming it is different, so it’s worth listing everything rather than assuming.
- Can I Switch to Caroola Part-Way Through the Year?
Yes. No need to wait for year end. We manage the handover with your current provider.
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