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Specialist medical accounting blog

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

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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, Chartered Accountant and Chartered tax advisor, I often see colleagues who are paying too much tax as a result of making mistakes themselves or using  non-specialist accountants. Engaging […]

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Limited company for GP Locum doctors and Consultants.

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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 […]

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Starting out as a GP Locum including how to pension work, paying tax, claiming expenses and finding work

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Starting out as a Locum GP can be daunting. Medics’ Money asked specialist medical accountant Sam Taylor and Pete Farrier from Morris Crocker to give us a guide to working as a locum GP. Including registering as self employed, paying tax how to pension work, should I work as limited company, IR35 and how to […]

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Tax returns and self assessment for doctors. What financial records should you keep? How do you pay your tax bill?

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We asked David Elliot, Tax Director from specialist medical accountants BW Medical Ltd to tell us what financial records to keep and how to pay any tax bills. What records do I need to keep for my Tax return? It is vital to keep records in the event that HMRC may open an enquiry into your […]

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Is your doctors tax code correct?

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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 […]

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

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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 […]

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Do I need a specialist medical accountant

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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 when, not if, we will need an accountant. But how can you tell when you would benefit from some advice? As a Doctor but also a Chartered Accountant and Chartered […]

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How much do GPs earn and should I join a partnership?

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Should I join a GP partnership? Is a partnership high earning? Why are brackets on a balance sheet potentially bad news? Here Liz Densley FCA CTA from Honey Barrett specialist medical accountants and Dr Ed Cantelo ACA CTA from Medics’ Money take you through some things to consider if thinking about joining a GP partnership. This article gives […]

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Doctors pay slip – a guide to understanding your payslip

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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 […]

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Doctors tax relief on mileage and travelling for work using own car

Can I claim Mileage Allowance? One of the most common questions we get asked at Medics’ Money is whether, and how, doctors can claim tax relief for using their own cars. In the blog below, Dr Ed Cantelo, Chartered Accountant and Tax Advisor, GP trainee and Medics’ Money founder, gives some information on the rules […]

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