Thousands of UK doctors miss out on income that is rightfully theirs through poor tax advice. Nearly all doctors are required to pay money out from their own pocket to go towards work related expenses. Whether it be travel expenses incurred due to visiting a patient or paying for a medical course to keep your knowledge up to date.
The HMRC classify tax-deductible expenses as ‘travelling you had to do in your job’ or ‘other expenses you had to pay in doing your job- and which related ONLY to doing your job’.
There is not a definitive list, it is key you understand what would be an acceptable claim so not to face penalties.
Popular claimable items:
· Professionals fees and subscriptions
· Business mileage or fuel
· Tools and specialist equipment
If your claimable expenses amount to less than £1,000 then you can send a letter to the HMRC with a summary of the details and the total tax for the year. If your claim is over £1,000 but under £2,500 you will be required to complete a short form called a P87. Anything over £2,500 must be claimed via a self-assessment