Doctors

For those in the medical profession, e.g. Doctors, Surgeons etc. specialist advice and knowledge of the profession is required to make sure take home pay is maximised, expenses are correctly claimed and incomes from other sources are dealt with in a tax efficient manner.

HMRC will not normally require those being paid via PAYE to complete a tax return but for those in the medical profession an annual tax return must be submitted if the following scenarios apply:

1. Income in excess of £100,000.
2. Multiple income sources e.g. NHS and private work.
3. Self employment income from a private practice.
4. Rental income from property.
5. If the individual is also a company director.
6. There are capital gains to disclose.
7. There is foreign income to disclose.

In addition, many people have not claimed tax relief on expenses historically due to either not completing a tax return or not being aware of the ability to claim work related expenses from bodies such as:

1. BMA (British Medical Association)
2. GMC (General Medical Council)
3. MDU (Medical Defense Union)
4. MPS (Medical Protection Soceity)
5. Royal College
6. …and more!

Additional reliefs may not be being claimed or incorrectly claimed such as:

1. Higher rate tax relief of Gift Aid donations.
2. Higher rate tax relief on pension contributions.
3. Allowances for the purchase of medical equipment.
4. Work related travel expenses that have not be reimbursed.

Services accountants can offer those in the medical profession include:

1. Self Assessment Tax Return
2. Allowances and Reliefs
3. Capital Gains Tax
4. Property Tax
5. Retirement Planning
6. Accounts Preparation
7. Bookkeeping
8. Budget Preparation
9. Cashflow Forecasts Projections
10. Capital Allowances
11. Tax Investigations
12. VAT
13. Buying and Selling a Business
14. Company Secretarial Services
15. Payroll
16. Inheritance Tax
17. Foreign Earnings and Overseas Tax Planning
18. Bankruptcy
19. IVAs