20th February 2023 by Liz Densley, Honey Barrett
Personal allowance
If your income is on the borderline of £100k (when you start to lose personal allowances) consider if it would be better to take some holiday before 5 April rather than earn income that is taxed at 60%. When you take pension, tax, NIC and student loan repayments into account, you could take home less than a quarter of your gross fee.
Also, if you hit £100k you will lose your tax-free childcare. So that extra session could be very expensive.
Podcast: Tori Ferguson Q&A GP tax returns Jan 2025
Tori Ferguson answers questions on taxes, expenses, national insurance, NHS and private pensions.
Video: Q&A – GP tax returns 2023/24 with Tori Ferguson, Honey Barrett
Tori Ferguson answers questions on taxes, expenses, national insurance, NHS and private pensions from GPs.
GPs can ask accountant about tax and pensions at Jan 2025 webinar
GPs can put questions to an experienced specialist medical accountant at NASGP’s first members event for 2025.
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