Medical

Professionals

We act for a range of medical professionals including Consultants, GPs and Associate Dentists with all requiring unique tax advice.

 

Our service for medical professionals includes the completion of tax returns, advising on tax liabilities and any ad hoc tax advice throughout the year.

 

For Associate Dentists, GP Locums and Consultants with any private practice work; we will also prepare a set of trading accounts to calculate your taxable profit in the year.

 

 

Doctors – Operating as a limited company

(For Private Practice Fees)

 

We have developed a specific expertise in the creation and use of limited companies for private practice income. Used as tax efficient vehicles, we will advise you of the optimum structure (employees, salaries, share structure and dividends to be paid etc) in order to minimise your tax liability.

 

Dentists – Operating as a limited company

 

Unlike many others, dentists have historically been denied the advantages of operating as a limited company; however from 1 August 2006 new laws were passed allowing this.

 

Many accountants are advising Associate Dentists that they can operate as a limited company without assessing the facts of each case which are extremely complex. If you would like any further information on the advantages and disadvantages of operating as a limited company, please contact us.

 

There are numerous expenses that Medical Professional are entitled to claim, but are often overlooked which we have detailed below.

Doctors

 

Allowable expenses include but are not limited to:

  • Professional subscriptions e.g. GMC (General Medical Council), BMA (British Medical Association), MDU (Medical Defense Union)
  • Professional Indemnity Insurance (MPS Medical Protection Society)
  • Replacing small items of medical equipment (e.g. stethoscope), provided the employer does not provide the equipment
  • Higher rate pension relief
  • Gift Aid relief
  • Certain motor expenses
  • Use of Home as Office

 

Expenses that aren't tax deductible:

  • Tax relief is not normally available on examinations and course fees. (This is a common misconception by many Doctors)
  • Books are not normally tax deductible
  • Travel between home and workplace

 

Associate Dentists

 

Allowable expenses include but are not limited to:

  • Accountancy Fees (Think Tax Fees!)
  • Practice costs
  • Professional subscriptions e.g. GDC, MPS/DDU, BDA
  • Superannuation contributions
  • Motoring expenses (Travel from the surgery to the lab and between surgeries is allowed)
  • Dentist tunics
  • Laundry Expenses
  • Magazines and books related to dentistry (e.g. Dentistry)
  • Conference costs
  • Attendance to courses for the maintenance of continuing professional development
  • Dental eyewear,
  • Use of your Home as an Office
  • Paper, postage and other office consumables
  • Telephone calls and internet costs used for business

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