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

11:08 Relocation Application Pitfalls

13:06 Mover Quotes Pro Tip

14:25 Excess Mileage and Final Takeaways

15:59 Wrap Up and Next Episode

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**Terms and Conditions apply. Capital at risk. You must remain invested for 12 months to retain the welcome bonus. One Bonus per client. These are affiliate links and Medics Money may get a commission at no cost to you if you go onto open an account.** Personal Investing: https://investengine.com/affiliate-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast Business Investing: https://investengine.com/affiliate-business-welcome/?utm_medium=Affiliate&utm_source=Medics%20Money&utm_content=Podcast