Taxation Services

Tax Returns

Salaried GP’s who have savings income, locum income or rental income must complete an income tax return.  This is the case even if the Inland Revenue do not send the GP a return.  Failure to complete a return could lead to the GP being liable to interest and penalties as well as a tax bill. 

Your tax return should include income from all sources as well as from any capital gains. The return should also include any claims for expenses.  Such expense claims might include:

  • Professional fees and subscriptions
  • Pension payments
  • Motor expenses
  • Charitable donations
  • Course fees
  • Medical equipment

Common Errors

The most common error we see in salaried GP’s tax returns is a misunderstanding of the terms ‘taxable pay’ and ‘gross pay’.   The correct pay figure to put in the tax return is the ‘taxable pay’ figure.  This is the pay after allowance for the employee’s superannuation contributions.  If the ‘gross pay’ figure is included, the return will be completed incorrectly and it will appear as if you owe more tax than you actually do.

Our Services

We complete tax returns for many salaried GP’s each year.  Our fee for completing the return is agreed in advance.  We ensure that your return is completed accurately and filed on time avoiding interest or penalty.  We ensure that the correct deductions and expenses are claimed keeping your tax liability to a minimum.