Doctors told us they found the claims process difficult, not helped by the often conflicting and out of date information provided by non experts. In addition HMRC’s guidance was confusing to many. There were several ways to claim: some could claim by phone, some by post, some by form p87 and some would need to do self assessment. Small mistakes could cost thousands, for example we have doctors whose claims were rejected because they wrote “British Medical Association” or “BMA” and not “Medical Association, British” which is how it appears in HMRCs manual! In 2018 HMRC upgraded its new online Personal Tax Account to include the ability to claim expenses online. This greatly simplified the process of claiming, but still required some knowledge of what could and could not be claimed. We used our expertise to produce step by step guides to help junior doctors claim themselves using this new system. We extensively tested these guides on friends and colleagues, refining them as HMRC’s software continued to evolve. This led us to where we are today, Medics’ Money is helping junior doctors claim thousands back in overpaid tax, significantly reducing the cost of training. We are working with leading institutions including Royal Colleges who recognise the value of our solution to improve doctors’ finances and morale and we are grateful for their support.
We’re very much at the start of our mission, but our aims are:
1 – To enable 100% of doctors to claim 100% of tax relief available using our free step by step guides. For those doctors who cannot claim themselves, we will recommend a specialist medical accountant, hand picked and verified by Medics’ Money with reviews from doctors and practice managers.
2 – To empower doctors to make better financial decisions. We will do this by providing access to high quality advice from leading experts.