Examination fees, including re-sits, if you are a trainee and you are required to pass these exams under your training contract.Medical Defence Union / Medical Protection Society fees.Professional expenses that are tax deductible for doctors include: This can potentially save you 40% of any professional fees you pay. However, it is still very likely that you are paying too much tax – the reason being that you can claim a doctors’ tax rebate on professional expenses, such as GMC fees, indemnity insurance and Royal College fees. If you are a doctor on a tax code 1250L, you are receiving your full personal allowance. Your tax code can be found on your payslip. You will also see the word “CUMU”, which means that you get a chunk of your personal allowance each month. If you have one job and no extra income or allowances altering the code, the current tax code for year 2019-20 should be 1250L, given that the current personal allowance is £12,500. At its most basic, it is simply the personal allowance divided by ten followed by the letter “L”. The tax code is made up of a number followed by a letter. Your tax code is calculated by HM Revenue and Customs (HMRC), and is used by your trust’s payroll to determine how much income tax you should pay. Dr Ed Cantelo of Medics’ Money explains what your tax code is, how to check it’s correct, and how to change it if you think it’s wrong. Understanding your tax code is important, however – as mistakes can prove costly. Doctors lead busy lives, and it is fair to say that the UK’s tax system can be complicated and confusing.
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