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Tax deductible expenses for doctors

What tax deductible expenses can doctors claim? What legitimate options do doctors have to save tax?

Here are 10 potential tax-saving tips for doctors. 

As a doctor but also a Chartered Accountant and a Chartered Tax adviser, Ed’s often asked this question by his doctor colleagues what tax-deductible expenses doctors can claim. The tax savings tips below will help doctors from F1 junior doctors to Consultants and GPs. 

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  1. Claim a tax rebate
    By Claiming a tax rebate on GMC, Medical indemnity insurance, Royal College fees, Examination expenses the savings can be huge. Our free, step by step, speciality specific guide has been downloaded by over 50,000 doctors now and helps you claim a tax rebate for free online. Get it here!
  2. Check your tax code
    The wrong tax code is a common problem for doctors as we rotate to different jobs and hospitals. Our article explains everything doctors need to know about tax codes and shows you how to correct your tax code yourself, online for free and listen to our podcast on Tax codes here.
  3. Understand the tax you pay and why
    How much money will you get in your pocket for doing a locum shift? How could it be just 16p in every £1 you earn you take home? What is Marginal rate of tax and why does it matter? This detailed article explains more.
  4. Don’t pay too much, or too little National Insurance
    It’s not uncommon for doctors, especially those with multiple employments to pay too much National insurance. Read more here and listen to our podcast on National insurance here.
  5. Consider starting a limited company
    In the right specific circumstances, trading as a limited company can save doctors from paying too much tax. Here are some things to consider.
  6. Invest tax efficiently
    If you have investments, are they performing tax efficiently? There are many ways to invest tax efficiently and our free eBook details some of them. Download your free copy here.
  7. Think very carefully regarding your pension
    Saving for retirement using a pension is one of the most tax efficient things you can do and the NHS Pension is an excellent pension for the vast majority of doctors and any decision to leave it needs to be informed by the right advice. This article provides more detail.
  8. Consider alternatives in specific circumstances
    A pension is great, but it does come with some tax challenges, such as the annual allowance tax change. This article explains more.
  9. Completing self-assessment? Do it right to avoid overpaying tax
    If you are a doctor completing your own self–assessment, are you completing the paperwork correctly and claiming all the reliefs you are entitled to? What are the deadlines for completing self–assessment? This article tells you more.
  10. Should doctors get an accountant?
    Hopefully the information in this article has empowered you to take control of your taxes. Claiming tax rebates and correcting tax codes are well with the capabilities of most doctors to do themselves. But at some point, it is likely all doctors would benefit from an accountant. But what can an accountant do for you and how to find a good accountant? 

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