Ep 341: Maximise Your Earnings: Essential Tax Tips for Doctors

FREE guide from Medics' Money: https://medicsmoney.co.uk/free-guide/

Find out if you can claim tax relief with this list: https://www.gov.uk/government/publications/professional-bodies-approved-for-tax-relief-list-3

Sanay (incoming F1) and Cyra (doctor and chartered accountant) explain how doctors can get money back via HMRC tax relief and NHS reimbursements. Cyra advises tracking professional expenses in a spreadsheet across the tax year (6 April–5 April) and applying online at year-end, noting HMRC may adjust your tax code. Eligible tax-relief items include GMC, Royal College and BMA fees (including exams but not revision courses), some recognized memberships, subsequent stethoscopes, plus a flat £80 NHS doctor work expense; question banks aren’t eligible. They contrast this with employer-funded study budgets (e.g., ALS), which generally aren’t tax-relievable. They also outline relocation expenses up to £10,000 across training, common caps, the need for pre-approval and evidence, tips on comparable mover quotes, and the importance of understanding excess mileage policies.

00:00 Welcome and Series Intro

00:51 Episode Focus Reimbursements

01:31 Meet Saira the Expert

02:10 Tax Relief Basics HMRC

04:00 What You Can Claim

05:16 Evidence and Flat Rate

06:12 Study Budget vs Tax Relief

07:42 Memberships from Med School

08:40 Relocation Expenses Explained