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Tax deductible expenses for doctors

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

Here are 10 potential tax-deductible expenses for doctors  

As a Doctor but also a Chartered Accountant and a Chartered Tax advisor, I’m often asked by doctor colleagues, what tax deductible expenses can doctors claim? 

Here are 10 tax saving tips for doctors from F1 Junior doctors to Consultants and GPs 

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 20,000 doctors now and helps you claim a tax rebate for free online.  LINK TO https://www.medicsmoney.co.uk/free-guide/ 

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.

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 12p in every £1 you earn you take home? What is Marginal rate of tax and why does it matter? This detailed article explains more.

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. 

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

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.

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.

Consider alternatives in specific circumstances  

A pension is great, but it does come with some tax challenges and maximum contributions (Life Time Allowance) If you’ve exceeded those limits it might be time to consider some other tax efficient options. This article explains more. 

Completing Self-assessment? Do it right to avoid overpaying tax  

If you are a doctor completing your own selfassessment are you completing the paperwork correctly and claiming all the reliefs you are entitled to? What are the deadlines for completing selfassessment? This article tells you more. 

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? 

What medical school didn’t teach us about money

“What medical school didn’t teach us about money” will give doctors a step by step plan to transforming your financial future. Enter your details to download your copy now

The Medics’ Money New to GP Partnership Course is run for GP Partners by GP Partners

The Medics’ Money New to Partnership Course will empower GPs to learn the essential business skills to run your GP business. Using our skills as GPs, accountants & tax advisers, we’ve selected the best advisers to teach and support you on the Medics’ Money New to GP Partnership Course.

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