Understanding NHS Pension Annual Allowance
The annual allowance is a limit on how much your pension can grow each tax year before you have to pay extra tax. As of April 2023, this limit is £60,000 for most NHS staff. However, if you’re a higher earner, your limit might be lower. If you earn more than £200,000 a year (after […]
Tax Deductions NHS Doctors can Claim
NHS doctors can claim various tax deductions to help manage their finances better. Here’s a straightforward explanation of what you can claim and how to do it. Key Eligible Expenses Professional memberships like BMA and GMC fees are fully tax-deductible. These are essential for your practice, so HMRC recognizes them as legitimate expenses. Work equipment […]
NHS Consultant Pay Guide
When doctors reach the pinnacle of their medical career as NHS consultants, they enter a complex but potentially rewarding payment structure. Let’s break down how these senior medical professionals are paid in straightforward terms. To become a consultant, doctors typically spend 8-10 years in specialized training after medical school, earning their Certificate of Completion of […]
NHS Pension & McCloud Remedy
The annual allowance limits how much your NHS pension can grow each tax year before triggering extra tax charges. Currently set at £60,000 (from April 2023), this threshold affects how you manage your pension growth and potential tax liability. The McCloud remedy, being implemented from October 2023, adds an important dimension. This legal remedy addresses […]
Essential Financial Tips for NHS Doctors
Managing your finances as an NHS doctor requires attention to detail and regular reviews, especially with tax returns and pension considerations. Here’s a straightforward guide to help you stay on top of your financial responsibilities. If you’re doing locum work or have any self-employed income, you must complete a self-assessment tax return by January 31st […]
Car Expenses for NHS Staff: What’s Tax Deductible
Basic Rules You Should Know You can’t claim tax relief for normal commuting between your home and regular workplace. However, HMRC allows you to claim for business travel to other locations. This means if you’re traveling between different hospitals, attending training courses, or visiting patients at home, you can claim these costs. Keep in mind […]