Specialist advice for Salaried GPs

Whether you are working in the NHS, privately or a combination of the two, we can give you the correct tax and accounting advice to guide you through the various rules, restrictions and avoid the common mistakes.
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Early Year Expense Claims for Doctors

When a doctor starts to think about business expenses, they often consider expenses incurred in earlier tax years. Our salaried GP clients have trained over several years. During this time it is common to have never completed a tax return and never to have claimed a tax rebate in respect of professional fees and subscriptions. Often a doctor will have paid subscriptions to the GMC, the BMA and to a professional indemnity insurer over several years.

Depending on individual circumstances, a significant tax rebate is often due. It is possible to make a tax rebate claim up to four years in arrears, so clearly this needs to be done at the right time or else you lose the opportunity.

Be careful – sometimes a tax refund can become a liability

When a claim of this nature is submitted this automatically leads the Revenue to recalculate the PAYE deducted in earlier years. If, therefore, you have changed jobs at any time in the previous tax years or if your employer has operated an incorrect tax code then it is possible for a taxpayer to find themselves with an additional tax liability rather than a tax refund.

If you are not completely sure that the Revenue have already reviewed the earlier years then we strongly advise against submitting a claim of this nature without first asking us to calculate if there is any underpayment that you are not aware of.

You will know that the Revenue have looked into an earlier year if they have sent you a form P800 or a claim for payment or refund for a particular year.

How we can help with tax rebates

We help by advising the doctor what professional expenses are tax deductible and advising the best way to claim the tax rebate. We often provide a pro-forma letter for our clients to complete and submit to HMRC themselves.

 

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Contact us for specialist medical accountancy services for Salaried GPs

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.

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
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Members of AISMA - Association of Independent Specialist Medical Accountants

What our clients say…

Dr C DeSouza, Salaried GP

I am a GP who works both in salaried and sessional roles. I have been with Nichols & Co for nearly three years. They have helped with my tax returns and can help with the range of different forms required in GP work. Danny and Shadmir have been accurate and efficient in their advice and guidance throughout. They have also been helpful and responsive when I have needed advice on the purchase of a car and also when looking to prove my income in order to get a mortgage. The system for providing income details and expenses is very easy to use and the summary they provide of how and when to pay your tax could not be clearer. I would recommend Nichols & Co to any colleague looking for an accountant with a good knowledge of GP work. 

Dr PS, Salaried GP

I have employed the services of Nichols and Co accountants since 2016 and I have found their services to be second-to-none.

Mr Shadmir Baig has been my accountant since 2016 and his expertise and timely assessments have really helped in tackling tax matters and my anxieties around them. The advice I have received is always accurate, simple to follow and the response time is simply excellent!

I have always been able to access services rapidly. The firm has an extremely organised reminder system so that deadlines are not breached and for someone juggling a busy job and parenthood this is a huge help. The firm exceeds itself when it comes to friendly and accurate advice. The staff are always extremely helpful.

I am absolutely thrilled with their services and would not hesitate at all to recommend this firm to friends and colleagues.

Dr Helen Butler, Salaried GP

As a newly-qualified, portfolio GP with lots of different workstreams, the prospect of a self-assessment tax return was rather overwhelming! Debra immediately put me at ease at our initial meeting. 5 years on, Debra and the team continue to make the whole process so simple and are always friendly and approachable. I have recommended Debra to many colleagues over the years. A fantastic service. Thanks Debra!

Dr Emma Agyekum, Salaried GP

I am a salaried GP who owns a rental property and locums and Nichols have looked after all aspects of my taxation for several years. They have provided me with valuable advice for which I am extremely grateful and respond to queries competently, thoroughly and efficiently. They have taken the time to educate me on various financial matters which makes filing my self assessment tax return almost effortless. I am always impressed by how speedily they respond to my emails and submit tax returns which enables me to better plan for the financial year ahead. I would confidently recommend their professional, efficient, friendly and reliable service to anyone.