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Specialist medical accounting blog

How much tax do doctors pay and why?

Understanding what tax you pay and why is essential. How much money do you actually TAKE HOME from that extra locum shift?  If you have kids and earn £49,950 per year, why might it actually COST you money to do any extra work? I asked asked Liz Densley, FCA CTA from specialist medical accountants Honey Barrett to give us […]

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Protected: Buying a cheap Tesla for doctors

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Cremation Form Taxation for doctors

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The Taxation of Cremation Form Income by Dr Ed Cantelo GP, Chartered Accountant and Tax adviser. Medics’ Money co-founder. Received a few cheques from completing cremation forms (ash cash) and not sure what to do regarding tax? Wondering if you need to tell HM Revenue and Customs (“HMRC”) or how? In this blog Ed tells […]

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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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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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Independant financial advisers ( IFA ) for doctors

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Independent financial advisers for doctors (IFA) – how do I find a good IFA? Choosing an Independent Financial Adviser that specialises in advising NHS  doctors and surgeons on NHS pension, life insurance and protection for doctors and investment advice for doctors and surgeons can be difficult. Medics’ Money was built by doctors to help doctors […]

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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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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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Locums beware – if it sounds too good to be true….

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Locums beware, if it sounds too good to be true…… Tax avoidance or tax evasion?! Working through an agency for Locum work is a path many new Doctors take, but there are a few questions that should be asked if you think the agency employing you might be using a “loan scheme” or “disguised renumeration […]

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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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