Medical consultants, GPs and dentists need to understand their tax liability fully. Establishing the correct amount of tax to pay as an individual and a company can make the difference between a practice with good cash flow and one that fails.

We have many years of experience working with clinicians and advising them on the best company structure, how to maximise their allowance and how to reduce their tax liability.

Consultants and GPs

Consultants and GPs need to know when they can claim tax relief on expenditures. The HMRC states you can only claim on expenses related to work and it is possible to claim tax relief if you have had to use your own money.

We always advise our clients to keep an accurate record of their expenses. These are all allowable expenses against taxable income during the year for your profession.

• A record of work-related mileage
• Broadband and mobile telephone
• Professional subscriptions, e.g., GMC, MPS and MDU

We will check that you haven’t overpaid National Insurance (NI) as this is often a common occurrence within the profession. There is a provision in legislation allowing for Class 4 NI to be backdated indefinitely, so you could be owed substantial refunds.

We also check your pension position as there are significant tax liabilities for high earning consultants and GPs.

Dentists

We have experience of working with dentists advising them on the best company structure which will help them to reduce their tax liabilities.

• Limited company – this can form some protection against uninsured claims and commercial risks. However, you will be taxed at corporation tax rates. 
• Sole trader route - you will be liable for the debts and risks of the practice, and this will include any uninsured losses.
• Partnership – you would operate an expense sharing system and all the partners have the same involvement in the business or practice. Each partner is liable for their own tax which is determined by their earnings as individuals.

We work with consultants, GPs and Dentists based in Derby, Nottingham, Leicester and across the UK. If you are interested in finding out more about our personal tax advice and support, please contact us by calling 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it..