Specialist medical accounting blog

Limited company for GP Locum doctors and Consultants.

Self-employment V’s Limited Company for doctors Many doctors forums are abuzz with ways to save tax and here at Medics’ Money one of the common questions we get asked from self-employed Consultants GPs and Locums is “Should I start a limited company to pay less tax” Our advice? Everyones situation is different and you should […]

Is your doctors tax code correct?

Tags: Tax

Is your doctors tax code correct? by Dr Ed Cantelo GP Trainee, Chartered Accountant and Chartered Tax Advisor Understanding your tax code. Your tax code is calculated by HM Revenue and Customs or “HMRC” and is used by your trust’s payroll to determine how much income tax you should pay. In the first part of […]

Tax saving tips for doctors – 5 tips to increase doctors pay.

Tags: doctors, Tax

Tax saving tips for doctors – 5 tips to increase doctors pay. by Dr Tommy Perkins, GP and Medics’ Money founder With doctors pay falling by up to 30% in real terms over the last decade*, an often overlooked way to increase your take home pay is by working tax efficiently. Ed, Medics’ Moneys Chartered […]

Income protection insurance for doctors and surgeons

What is income protection insurance for doctors and surgeons? Who needs it? Why should you update your existing policy using an Independent Financial Advisor? Expert Independent Financial advisor Oliver McDonald, from IEPFinancial oliver.mcdonald@iepfinancial.co.uk answers your questions on income protection.   What is income protection? Income protection insurance (sometimes known as permanent health insurance) is a long-term insurance […]

What can doctors claim tax back on?

Junior doctors can claim tax back on GMC, BMA, MDU, MPS Royal college and examination expenses amongst other professional expenses, reducing the cost by up to 40%. Our free step by step guide allows most doctors to claim themselves, online for free. What can junior doctors claim tax rebates on? The most important point is that […]

Accountants for doctors – how do I find a good medical accountant?

Accountants for doctors – how do I find a good medical accountant? by Dr Ed Cantelo GP Trainee, Chartered Accountant Chartered Tax Advisor   As a Doctor and Chartered Accountant and Chartered tax advisor myself, all too often I see colleagues who are paying too much tax as a result of making mistakes themselves or […]

Do I need a specialist medical accountant

Do I need a specialist medical accountant? by Dr Ed Cantelo GP Trainee, Chartered Accountant Chartered Tax Advisor As doctors, it’s usually a case of not if, but when we will need an accountant. But how to tell when you would benefit from some advice? As a Doctor but also a Chartered Accountant and Chartered […]

Check your tax code and claim a tax rebate online

A Personal Tax Account allows you to claim a doctors tax rebate for expenses such as exam fees, GMC BMA MDU MPS fees. You can also check your doctors tax code is correct. Claiming tax relief on these expenses can reduce the costs of training by up to 40%. Here we guide you how to set up […]

Tax relief for doctors – how to set up HMRC Personal Tax Account

Personal tax account guide for doctors   by Dr Ed Cantelo GP Trainee, Chartered Accountant and Chartered Tax Advisor   A Personal Tax Account allows doctors to claim tax relief for expenses such as your GMC, BMA, MDU and MPS fees, as well as any exam expenses as a trainee, and check your doctor’s tax […]

Doctors pay slip – a guide to understanding your payslip

We frequently get requests for help regarding understanding the mysteries of Doctors’ payslips. Some doctors struggle to work out how much they earn. While there is significant variation between the payslips that doctors receive, the below should hopefully give some basic understanding of what is shown on your payslip. The example given gives a payslip […]