Specialist advice for Hospital Doctors

Working for the NHS or in the private sector as a Hospital Doctor can be stressful enough without worries about your taxation, pensions and financial affairs as well. We can help you to keep your finances fit and your pension healthy.

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Tax Codes for Hospital Doctors

An often overlooked but vital step

The amount of tax deducted from a hospital doctor’s salary is based on their tax code. If the tax code operated is wrong the amount of tax deducted by the employer will be wrong.

This can lead to the hospital doctor overpaying or under paying tax.

Why are tax codes so often wrong?

Hospital doctor’s tax codes are often wrong for two main reasons:

  1. Hospital doctors move jobs much more often than other people. This makes it difficult for hospital payroll departments to operate the right tax code.
  2. Tax codes often don’t take account of the hospital doctor’s personal expenses, non medical income or perhaps the fact that the doctor has more than one source of employment.

Does it matter if the code is wrong?

Having the wrong code leads to you either paying too much tax, or paying too little. Both of these are a bad idea because if you pay too little then, in the end, HMRC will coming knocking on your door.

Pay too much tax and you will have to go through the process of claiming a refund, but also risk running out of time because you can only go back over the last 4 years.

How can we help?

Whatever the reason for the incorrect code we are able to check the doctor’s tax code at any time during the tax year. We can talk directly to the revenue to ensure that the correct tax code is being operated. This will ensure that the right amount of tax is paid and no unexpected tax bills arise at the end of the tax year.

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Contact us for specialist medical accountancy services for Hospital Doctors

If you’re looking to plan your finances for the future or trying to find an answer to a problem then get in touch today.

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NHS PENSION REVIEW

Are you in danger of being hit with a huge tax bill on your pension growth? Our NHS Pension Review Service can provide an advance warning of impending pension issues.

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TAX ENQUIRY PROTECTION

HMRC have increasingly got GPs in their sights and many Practices have been subject to lengthy tax investigations. Make sure you’re covered with our annual insurance scheme.

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EXPERT CONSULTATION

Talk to one of our Medical Accounting Team for free. We can discuss your circumstances and how we can help you achieve better financial management, reduce your tax bills or plan for the future with a tailored fixed price plan.

Meet our team

We have a panel of subject experts and a team of professional accountancy support staff to make sure your specific needs are met reliably and cost effectively.

HOW WE CAN HELP

A specialist healthcare team to advise you
Call free for support at any time
Keep you up to date with the latest changes
No fuss, smooth process to change to us
Members of AISMA - Association of Independent Specialist Medical Accountants

What our clients say…

Mr Muhammed Siddiqui, Hospital Doctor

As a trainee I was very unaware of the tax system when starting work. I was pursuing surgery and it resulted in paying for a lot of courses and locuming to support my journey. The tax system was very complicated and when I went to see Debra as I really had no idea how to start sorting out my tax affairs including correcting tax codes and what the locuming income meant for my current PAYE system and also how I could maximise my tax free amount with subscriptions.
I cannot thank them enough for helping. They really listened to my concerns and needs. I had never thought of getting an accountant until then and had never thought of stopping except for the fairness that Nichols and Co have dealt with me. They’ve taken me to a place where I am now beginning to do my own tax returns resulting in independence. Their ethical approach towards me has resulted in recommending my sister and other colleagues to seek their help. My emails are always answered quickly and appropriately. They are and, in particular, Debra truly exceptional accountants.